Compliance Gap Analysis - Estate Agents

Identifying Gaps in Compliance for Estate Agents

Being an estate agency practice is busy and full of customer service challenges, so keeping up with various compliance issues can prove difficult and time-consuming. Nevertheless, meeting regulatory requirements is a must-do, not an option.

The difficulty is where to concentrate your efforts, our Compliance Gap Analysis helps Estate Agents not only know what they are doing well, but also areas where they could use support or improve.

Our Compliance Gap Analysis is based on the Estate Agents Code of Practice for Residential Estate Agents in accordance with the Property Ombudsman Scheme for UK branches only.

What is involved?

Conducted over a day and a half with off-site remote access, the Legal Eye team will review the following associated polices from your practice:

Anti-money Laundering
Anti-bribery
GDPR
Due Diligence
Conflict of Interest
Complaints Handling
Terms of Business
Client Engagement Letter
Health and Safety
Equality and Diversity
Training and Development
Invoices

Further to this, a written report is delivered which confirms any required corrective action.

Why is this important for Estate Agents?

The penalties for non-compliance vary depending on the specific regulations, but, as an example, failing to register with a redress scheme can result in a fine of up to £5,000. In addition, estate agents who breach Anti-Money Laundering (AML) regulations face unlimited fines, imprisonment, or both, depending on the severity of the breach. And the level of fines being issued are growing.

By investing in third-party support when managing AML compliance, agents can be better equipped to handle risk while reducing their administrative burden. And importantly, outsourced AML compliance is cost-effective, particularly for smaller firms that may not have the resources to hire a dedicated compliance team.