0:01 AM, 12th July 2022, About 3 months ago
The Property Redress Scheme (PRS) was launched in 2014 and is the UK’s largest lettings redress scheme with over 13,250 letting agency branches covered. All estate agents, lettings agents and property managers in England and Wales must become members of such a scheme with the fine for non-participation up to £5000.
The Government’s intention in prescribing the legislation specifying mandatory membership is to ensure that disputes between letting agents, tenants and landlords, or estate agents, buyers and sellers, can be better resolved using such third-party oversight. Typical complaints include lack of explanation, delays, rudeness and/or providing misleading information.
The PRS deals with approximately 2000 complaints from tenants, landlords, property buyers and sellers each year and in 2021 awarded nearly £500,000 in compensation to those who had complaints upheld.
The current PRS Advisory Council was set up to advise the Head of Redress, Sean Hooker, and refer him to matters of consideration such as new or modified laws or forthcoming government policies as they relate to the property industry. The Advisory Council also scrutinises the Head of Redress and ensures the scheme’s impartiality. The Chairman of the PRS Advisory Council is Monroe Palmer, Baron Palmer of Childs Hill.
Now, the PRS is announcing a significant change to the membership of the PRS Advisory Council to further improve governance and accountability. It will now be the Property Redress Scheme Advisory Panel and they are inviting applications from the length and breadth of the UK property sector for a limited number of board positions – up to 15 in total. The new approach is to promote a genuinely authentic outlook and attitude across all areas of the property spectrum and to ensure that the PRS itself takes a balanced and knowledgeable view in its vision and in all of its policy decisions.
The areas of representation that the PRS are seeking experts from are:
Residential Leasehold Management professional
Sean Hooker, Head of Redress at the Property Redress Scheme says “Our intention is to invigorate and to democratise the private rental sector through the active participation of sector experts.
Traditionally, advisory boards are made up of individuals with big names often justifiably so. However, our new approach to attracting Advisory Panel members is to focus on a much broader and more diverse membership whereby we will select based upon genuine knowledge, experience and likely contribution to innovating and improving property redress, regardless of public profile”.
Tim Frome, Managing Director of HF Resolution, the Hamilton Fraser Group entity that owns the Property Redress Scheme adds “As we approach the second decade of formal property redress we are improving our offering to ensure that it takes its lead from the best and brightest in the property industry.
Property has become ever larger, more complex and diverse as a sector and with multiple sub-sectors that all represent separate areas of specialism. It’s important for any oversight organisation to hold a mirror to itself and to adapt as the industry that it sits within does so too.
Our proposal to attract up to 15 advisory experts from across the spectrum via a fresh and inclusive process cements the Property Redress Scheme as a truly modern and forward thinking organisation best equipped to tackle the challenges of a changing space”.
It is anticipated that the Property Redress Scheme Advisory Panel will convene twice annually, once in person and once virtually. Applicants are invited to apply both as individuals or as nominees of a relevant sector organisation.
The Advisory Panel terms of reference can be accessed here.
Interested parties can apply themselves or nominate a third party for Advisory Panel membership here.
Applications close on 31st August 2022. Successful membership applications will be confirmed by mid-September 2022.
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