The Association of Residential Managing Agents (ARMA) has put together an independent regulatory Consumer Charter and Standards as a result of consultation with an independent regulatory panel earlier this year.
The regime, which aims to drive up the quality of the services provided through a list of best practice minimum standards, is specifically aimed at managing agents of residential leasehold property, landlords and leaseholders. It has been described as a ‘milestone for consumer protection in the residential leasehold sector’.
Known as ARMA-Q, the regime is based on the recommendations of an independent review group and has come about due to a lack of regulation in the leasehold management sector which has given rise to deviation in service levels. This lack of regulation had an adverse effect on the reputation of management agents across the UK.
Members of ARMA who sign up to the charter will be seen to be displaying a greater degree of openness to their clients as well as showing their commitment to higher standards within the sector.
Although ARMA-Q does not take effect until January 2015, the transitional period allows new and existing members to adjust to the new requirements.
The charter asks that all ARMA members who adopt the regime must comply with a list of specified criteria relating to the work of residential managing agents. These include being ‘honest, fair, open and transparent and providing a timely and professional service’ and maintaining ‘clear, accurate and up to date financial records’.
At Palmers, we have many years’ experience in dealing with residential and commercial property, on both non-contentious and litigation aspects and can provide advice and guidance to landlords within this particular industry.