The Property Redress Scheme (PRS) has today released their first ever Interim Report for the year 2014.
The PRS is one of three consumer redress schemes authorised by the Department for Communities and Local Government (DCLG) and National Trading Standards whose role it is to provide fair and reasonable resolutions to disputes between members of the public and property agents and professionals.
On 1st October 2014, it became a legal requirement that all Letting Agents and Property Management Agents, as defined by legislation, join a consumer redress scheme in accordance with the Consumers, Enterprise and Regulatory Reform Act 2013. It was already a legal requirement for Estate Agents to be a member of an authorised consumer redress scheme.
The PRS Interim Report covers a relatively short first ‘year’ of trading, starting from the scheme’s early beginnings in summer 2014 through to the 31st December 2014. This allows the PRS to prepare a full Annual Report for the year 2015.
By the 1st October deadline, the scheme had achieved a membership base of over 1,300 Member offices. This number increased to over 2500 Member offices by the end of December 2014. The current membership of the scheme is over 3,800 Member offices.
Included in the report are reports from Lord Monroe Palmer, chairman of the Advisory Council, Sean Hooker, Head of Redress and David Jacobs, Chairman of the PRS board. There are statistics relating to the types of Member that have joined the scheme, where they are located and the Membership option they have selected. The complaints process is explained in detail. There is also a financial overview.
Statistics regarding the number and types of complaints that have been submitted will be included in the 2015 annual report.
The Property Redress Scheme Interim Report 2014 can be viewed on their website here: