The Royal Institution of Chartered Surveyors (RICS) has to the decision by National Trading Standards (NTS) to withdraw material information guidance for estates and lettings professionals, stating that it creates uncertainty for our members and consumers.
The organisation adds that it is now open to working with others in the sector, such as the Home Buying and Selling Council and MHCLG, to address the gaps left by the announcement by NTS.
RICS said:
“This [material information guidance for estates and lettings professionals] guidance was developed to provide clarity for professionals, helping them meet their legal obligations under Consumer Protection from Unfair Trading Regulations 2008.
“On 6 April 2025, the Digital Markets, Competition and Consumers Act 2024 (Commencement No. 2) Regulations 2025 were enacted, replacing the Consumer Protection from Unfair Trading Regulations 2008 (CPUTRs) and transferring direct enforcement powers to the Competition and Markets Authority (CMA). As such, RICS is also withdrawing its own guidance for our members based on the older law.
“Property agents must now comply with the legal requirements regarding material information in the Digital Markets Competition and Consumers Act (DMCC Act). Guidance was published by the CMA for compliance with the new law, however RICS voiced its concerns at the consultation phase that the CMA guidance contained ambiguities which leave businesses to interpret the law as they see fit.
“RICS feels that the withdrawal of the material information guidance and reference to the DMCC creates uncertainty for our members and consumers. We would welcome working with others in the sector such as the Home Buying and Selling Council and MHCLG to address the gaps left by the announcement by NTS.
“RICS reminds the public of the importance of carrying out an independent home survey when buying and selling property, which becomes even more crucial in the period that these ambiguities remain. It is also necessary that RICS members continue following RICS professional standards and codes of conduct in their business practices. Closing these regulatory gaps is a priority for the industry to support confidence in the residential property market.”
Withdrawal of material information guidance for estate agents a ‘regrettable and a backward step’
