Letting agents financial compensation scheme

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    Letting agents financial compensation scheme

    Hi

    is there one just like the FCS for your saving in a bank/etc?

    if a LA belongs to the lettings Ombudsman, how do i check that the LA is paid up and does the LA Ombudsman have a financial protection compensation scheme if LA goes under?

    #2
    No, there is no FCS type scheme

    You can check whether an agent is a member of the Ombudsman Scheme. The ombudsman is a redress scheme; if you believe the agent has done something wrong and you have exhausted their own complaints procedure, then you can take it to the Ombudsman who may investigate it. If the agent is found to have broken the Ombudsman code of practice then they can make a financial award against the agent, but it is up to the agent to pay it.
    My advice is not based on formal legal training but experience gained in 20+ years in the letting industry.

    Comment


      #3
      Originally posted by oaktree View Post
      You can check whether an agent is a member of the Ombudsman Scheme. [/U]
      It's not THE Ombudsman Scheme but AN Ombudsman Scheme; it's not restricted to TPO. Very soon all letting agents will be required to belong to a Redress Scheme, sometime next year has been muted.
      The advice I give should not be construed as a definitive answer, and is without prejudice or liability. You are advised to consult a specialist solicitor or other person of equal legal standing.

      Comment


        #4
        Originally posted by Paul_f View Post
        muted.
        Mooted. ... {Muted-quietened, silenced. Mooted-put forward, suggested.}

        Comment


          #5
          Originally posted by The grammarcop View Post
          Mooted. ... {Muted-quietened, silenced. Mooted-put forward, suggested.}
          Yes, but we must not forget Engerlish is a living, dynamic language - an alien import, foreign at that, largely - like Christianity. Moot, good old Germanic word that I think it is is sadly becoming pronounced/spelled "mute" increasingly and I suspect within 50 years that will become an accepted alternative. These grammatical "rules" are but simple custom & practice which change over time.

          Regarding FCS for letting agents - what a good, obvious, sensible idea. Labour had plans to regulate agents: Dave decided not to bother: Go figure, especially at the next elections...

          Cheers!
          I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

          Comment


            #6
            Originally posted by The grammarcop View Post
            Mooted. ... {Muted-quietened, silenced. Mooted-put forward, suggested.}
            Considering I point out to others when they have made grammatical mistakes, or spelling errors then you've done me up like a kipper! No excuses!
            The advice I give should not be construed as a definitive answer, and is without prejudice or liability. You are advised to consult a specialist solicitor or other person of equal legal standing.

            Comment

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