Referral fees are under threat

first_imgThe National Trading Standards Estate Agency Team (NTSEAT) has today launched a survey to find out how widespread the use of referral fees from solicitors, surveyors, financial advisors and removal firms is among estate agents.It says the results of the survey will be fed into the Government’s ongoing investigation into referral fees.The survey asks agents to anonymously divulge whether they take such fees from these kinds of third parties, and whether they think referral fees should be retained, made more transparent, or banned.NTSEAT’s survey has the backing of both The Property Ombudsman and the Property Redress Scheme and follows the government’s recent call for evidence by a working group set up by the Ministry of Housing, Communities and Local Government.“The responses [so far] to whether government should take further action to enforce current transparency regulations regarding the disclosure of referral fees were overwhelmingly supportive,” says James Munro, Head of NTSEAT (pictured, left)“But at the inaugural meeting, it was decided that more information was required from agents about the nature of the fees they currently receive. The results of this survey will feed into the working group.”ReassuranceAgents who think it might be a bad idea to let government and NTSEAT know the full extent of the referral fees were reassured today by Property Ombudsman Katrine Sporle (pictured, right).She said that: “We are not asking for agents to incriminate themselves, but government is concerned about transparency and wants consumers to be able to make informed choices,” she said.Sean Hooker of the Property Redress Scheme has urged all agents to complete the survey so that, he says, “a complete as possible picture of what happens on the ground is available to the policy makers”.Complete the survey.NTSEAT MHCLG Property Redress Scheme referall fees The Property Ombudsman Trading Standards June 19, 2018Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Referral fees are under threat previous nextRegulation & LawReferral fees are under threatTrading Standards is asking agents to complete a survey to solicit their views on, and payment via, referral fees from conveyancers, surveyors and lenders.Nigel Lewis19th June 201802,399 Viewslast_img

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