Auditors to visit branches in person to assess agency compliance

Propertymark auditors are offering in-person visits to branches to improve their compliance. 

The trade body says this is in response to demand from Propertymark members and increased enforcement activity from Trading Standards, 

The service - called Calm about Compliance - aims to advise, educate and inform estate, letting, commercial and auctioneer agents on their compliance, focusing on areas including but not limited to anti-money laundering, client money protection, data, and consumer protection.

In-depth appointments will last up to three hours, identifying areas that have been overlooked and are vulnerable to enforcement action. Agents will then receive support to make the necessary changes.

With resources stretched, Propertymark has said that few agents can be up to date on every area of compliance all the time. 

Calm about Compliance will see visits to agents’ offices daily to identify areas that are vulnerable to enforcement action and help Propertymark members make the necessary changes they need.

David Oliver, Head of Compliance comments: “Propertymark members operate in a landscape of piecemeal regulation, sporadically updated and often contradictory. Enforcement action is on the increase and with it, heavy fines.

“Propertymark wants to provide reassurance and save money for agencies. This is an affordable service that has been developed by our professional body to support our members.”

Propertymark cites Donna Barrett Smith of Gilson Bailey Lettings Limited as a backer of the idea. She says: “The visit was very worthwhile and made us put time aside to closely examine our procedures, the advice we received was clear and very helpful and moving forward will assist in making improvements. 

“The auditor was friendly and professional and that it was a positive experience I would thoroughly recommend. As members of Propertymark, we all want to provide the best service so it's also reassuring for somebody outside of your own organisation to give you a thumbs up.”

More information on Propertymark’s compliance support services can be found here.