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
- Due Diligence
- Conflict of Interest
- Complaints Handling
- Terms of Business
- Client Engagement Letter
- Health and Safety
- Equality and Diversity
- Training and Development
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.
Speak to our specialist compliance advisers today
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