The decision of national commercial standards to withdraw the orientation of material information, designed and implemented to help support sales and allow agents to comply with their legal obligations under the unjust commercial regulations 2008, was considered “unfortunate and a backward step.”
Initially introduced at the end of 2023, the guide was introduced in the phases to help bring standardization within the sector and help consumers make more informed decisions through the delivery of unified properties.
However, all parts of the current material information guide were withdrawn last week due to the new Digital Markets Law, Competition and Consumer 2024 that replace and replace the initial legislet, so the guide was based.
National commercial standards say that it is currently in the process of eliminating all the details on the guidance of material information from their communication channels. But The Council for License Conferences believes that this is a mistake.
Sheila Kumar, Executive Director of the Council for Licensed Transporters, commented: “The withdrawal of the material information guide for real estate agents at this stage is unfortunate and a backward step in the provision of information to guide possible housing buyers in their choice.
“Until the moment when the CMA or the future regulator of real estate agents issues rules or guidance, we hope the sector will continue its progress so far in the adoption of the approach established by NTS.
“Perhaps the housing purchase and sale council and the management group of the digital real estate market could action here, because more timely and precise information is vital to deliver faster and more true transactions that better meet the needs of housing buyers.”
Rics says that NTS’s decision to withdraw the orientation creates “uncertainty” for property agents
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