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NTSEAT Industry Guidance on Referral Fees
Posted Monday 11 March 2019 - 10:33am by Trust Audit
National Trading Standards has published new guidance on referral fees received by estate agents across the UK, which will make previously hidden fees open and transparent to consumers.
The NTS Estate Agency Team guidance has concluded that referral fees for connected services are permissible, but in accordance with the Consumer Protection from Unfair Trading Regulations 2008, should be disclosed by agents to sellers and buyers where relevant. The guidance also includes a number of examples as well as a model form that agents should use to provide the fee information to consumers.
National Trading Standards are due to report to Ministers on agent compliance with its guidance after monitoring the market for the next 12 months. Ministers have confirmed that a ban on referrals fees remains on the table and will be considered against the results of the monitoring.
Mark McLaren, Chair of TPO’s Consumer Forum and Non-Executive Board Member commented:
“It is important for both buyers and sellers to be aware of the true cost of any service being recommended by estate agents. Whether this is relates to conveyancing, removal firms or producing Energy Performance Certificates, clearly disclosing the benefit that the agent will receive at the earliest possible stage is the right thing to do. By providing this important information, consumers can compare the services on offer and make an informed decision.”