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Estate agency code gets thumbs up

Tue, 21 Mar 2006
The Office Of Fair Trading (OFT) has approved a new code of practice that aims to protect you when you're buying or selling a house.

The OFT only approves codes, which it deems to offer greater consumer protection than is available under law.

The Ombudsman for Estate Agency (OEA) scheme can award compensation to buyers or sellers of property if it finds they have been badly treated.

The OEA represents more than 40% of estate agency offices in the UK and deals with disputes between agents and buyers or sellers.

However, at present, only four in 10 UK estate agents are members of the scheme.

But when all members of the National Association of Estate Agents will join the scheme this will increase to nearly seven in 10 in April.

Estate agents who belong to the OEA scheme can display the OFT Approved code logo to show they are committed to higher standards of customer service.

Jack Fingleton, OFT chief executive said, "Consumers can be assured that when they choose an estate agent that is displaying the OEA/OFT Approved code logo, they will be treated fairly if they have a complaint."

This is the first time the OFT has approved a code for estate agents.

It already approves codes of practice in the travel agency and vehicle repair industries.
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