From the 1 May 2009 the Ombudsman for Estate Agents (OEA) will be known as The Property Ombudsman Service (TPOS)
The change of name reflects the fact that the scope of the ombudsman service has widened to include residential lettings and may widen further in the future.
The web address remains the same www.oea.co.uk but may well change in the future
Under the Money Laundering Regulations 2007 the OFT have the power to require estate agents to register with them. The OFT are to exercise this power from July 2009.
The requirement to register with the OFT will affect all those engaged in estate agency work as defined in the Estate Agents Act 1979, so covers residential and commercial estate agents.
The position with residential letting and management agents is less clear. Those dealing only with ASTs will not have to register, but if such agencies sell property now and again for landlord clients or deal with leases that have a value on the open market they would have to register.
Many estate agencies are already regulated by the FSA under the Financial Services and Markets Act 2000. Where this is the case such firms will be supervised by the FSA under the Money Laundering Regulations 2007 and will not be required to also register with the OFT.
The cost of registration has not yet been released, but will be posted on the OFT web site before July. Registration will take place from July and firms must be registered within six months. Failure to register can lead to a fine and/or imprisonment up to two years.
Under the Regulations any suspicious activity must be reported. A Suspicious Activity Report (SAR) can be made online to SOCA
