RICS responds to NTS decision to withdraw guidance for estates and lettings professionals
Language: English Publication details: RICS 9 May 2025Subject(s): Online resources: Summary: 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.| Item type | Current library | Call number | Status | Date due | Barcode | |
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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.