RoPA's proposed new regulatory framework is focused on estate agents in the UK and letting and managing agents in England. The private rented sector is a devolved issue meaning the Welsh and Scottish Governments have already introduced legislation to regulate letting agents.
RoPA's report recommends that:
- All agencies operating a residential property business should be licensed and licensing should include a fit and proper person test for company directors
- All staff delivering ‘reserved activities’ employed within residential agency business should be licensed and adhere to a Code of Practice
- All staff delivering ‘reserved activities’ employed within residential agency business should hold a qualification at Level 3 or above
- All company directors and management agents should hold a qualification at Level 4 or above
- A new regulator be appointed to oversee compliance with an overarching Code of Practice
A roundtable examined ways in which transparency can be improved within the private rented sector (PRS), with views presented by some of the industry’s leading voices looking at how working together can help stabilise the sector.