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OFT approves estate agent redress scheme
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The Office of Fair Trading (OFT) has approved plans for the creation of an estate agents redress scheme.
An application for such an initiative was put forward by the Ombudsman Service Limited under the Consumer Estate Agents and Redress Act 2007.
The company is now the second organisation to obtain approval to operate a redress scheme before it becomes compulsory for all estate agents to join one on October 1st.
Redress schemes will enable people choosing to buy a home to refer any complaints to the ombudsman, which will be given the power to award compensation.
OFT executive director Jonathan May said: "Buying or selling a home is a significant and complex transaction so it is good news that, from October, there will be access to free, easily accessible and speedy redress schemes that will ensure fairness and transparency."
The Association of Home Information Pack Providers recently said the introduction of home information packs had led to the implementation of the requirement for estate agents to join redress schemes.
According to the organisation, those engaged in the home buying and selling process will now benefit from greater consumer protection "than ever before".
