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Compliance update: TPOS new codes

Who should read this:

All Agents who are members of The Property Ombudsman Scheme


What is it about:


Revised Codes of Practice for both Sales and Lettings


The details:

TPOS introduced new codes of practice for both Sales and Lettings which came into effect from 1st October 2016. These are available from the main TPOS website (www.tpos.co.uk)
Any earlier editions held in branches should be destroyed.

Full details of the changes are on the attached documents produced by TPO.

Whilst the majority of changes are general there are some significant changes which will impact agents.

I would recommend that you take time to read the changes and provide a briefing with your team – however, points which may be of interest are:


Lettings:


1C – Requirement for agents in Wales to comply with Housing Wales Act 2014 and mandatory code of practice for Licenced Landlords and Agents

2D – Any referral fee or commission earned because of a tenant taking up a service offered by an associate or connected person must be declared to the Landlord

5K – Where a fee is a percentage it should be quoted inclusive of VAT

9I – How to rent booklet – if the booklet has been renewed since the tenant was first provided with a copy then they must be provided with the latest copy, either when the tenancy is renewed or changes to a statutory periodic. You should obtain signed evidence that the tenant has bene provided with a copy


Sales:


2C – any fee or commission earned from a buyer using one of the services offered by an associate or connected person must be declared to the Seller

5I – where a fee quoted is a percentage this must be quoted inclusive of VAT

7J– Prior to the commencement of marketing, the written details of a property must be agreed with the seller to confirm that the details are accurate


Questions or queries


Refer to TPO website; email enquiries@tpos.co.uk or contact Paul directly at paul@pauloffley.co.uk

Categories: General

Published in: News bulletin

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