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(This note is not part of the Regulations)
These Regulations specify that the penalty charge that may be imposed on a person who has engaged (or is engaging) in estate agency work in the United Kingdom in relation to residential property in breach of the requirement under the Estate Agents (Redress Scheme) Order 2008 (S.I. 2008/1712) to belong to an approved redress scheme shall be £1000. “Estate agency work” is defined in section 1 of the Estate Agents Act 1979 and “residential property” is defined in section 23C of that Act. Details of every approved redress scheme are available on the Office of Fair Trading website (www.oft.gov.uk).
An Impact Assessment in respect of these Regulations is available and a copy can be obtained from the Department for Business, Enterprise & Regulatory Reform or from its website at www.berr.gov.uk.
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Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
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