A new licensing scheme has been launched by the Association of Residential Letting Agents (ARLA) in a bid to establish the highest standards for Britain’s letting agents .
The new scheme requires all ARLA members to abide by a new code of practice, which includes holding a professional qualification relating to lettings, undertaking continuing professional development and having professional indemnity insurance in place.
The code also requires ARLA members to sign up to an independent redress scheme, take measures to ensure they have client money protection schemes in place and undergo an annual independent audit of clients’ funds.
Ruth Lilley, head of membership and professional development at the Association, said: "ARLA has lobbied the Government for 10 years to assist us in establishing higher industry standards."
"For too long the rental sector has been seen as the black sheep of the property market with a lack of regulation and a requirement for redress to protect the consumer when the agent’s failings are to the financial detriment of that consumer."
"The ARLA Licensing Scheme will create the gold standard for letting agents in the UK, offering consumers’ best practice service and advice - as well as a commitment to the protection of their money," she added.
ARLA’s licensing lead will be followed by its sister organisation, the National Association of Estate Agents (NAEA) later this year with launch of its own licensing scheme.
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Licensing Scheme Launched For UK Lettings Agents Wed, 06 May 2009
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