OFT threatens to ban estate agents who take homebuyers for a ride
Tuesday 21 September 1999
The OFT said some estate agents were bullying housebuyers into accepting extra financial services, withholding information, or misleading sellers into agreeing contracts they were not obliged to sign up to.
"It is extremely disappointing that some undesirable practices are making a comeback," said John Bridgeman, the director-general of Fair Trading. "Agents should take note that if I have evidence that they are failing to meet their obligations I can ban them from practising," he added.
Mr Bridgeman said he could recommend the Government ban the offering of "linked services" by estate agents if they failed to meet their obligations.
The "undesirable practices" creeping in included:
telling buyers that if they do not take linked financial services, or use the agent to sell their own property, they will not be put on a "preferential service list";
telling buyers that their offer would not be passed on until it has been "qualified" by the agency's financial adviser;
telling sellers that the law requires them to sign agreements with an agent when there is no such obligation;
using "for sale" boards incorrectly.
"Estate agents have a fiduciary duty to do the best for their client. They cannot achieve this if they are only prepared to circulate details of properties to, and forward offers from, a preferred group of buyers," Mr Bridgeman said.
- 1 Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
- 2 Nick Kyrgios calls former Olympian Dawn Fraser a 'blatant racist' after she tells Wimbledon star to 'go back where their parents came from'
- 3 World learns of app that shows you who unfriended you on Facebook, app promptly crashes
- 4 Chris Moyles reportedly set to make radio comeback with new breakfast show on XFM
- 5 The Greece debt crisis explained in less than 100 words
Florida man sentenced to two-and-a-half years for having sex on the beach in front of a child
Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
Tube strike July 2015: Is it still on? Everything you need to know about the industrial action
Eiji Tsuburaya: Godzilla co-creator honoured in today's interactive Google Doodle
Florida teacher sentenced to 22 years in prison for sexually abusing three pupils
More Britons believe that multiculturalism makes the country worse - not better, says poll
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
Sickness and disability benefits could be reduced by £30 a week as part of £12bn welfare cuts
iJobs Money & Business
£40000 - £95000 per annum: Recruitment Genius: This is an exciting opportunity...
competitive: SThree: Are you passionate about sales?Do you have a keen interes...
£17000 - £30000 per annum: Recruitment Genius: This is an exciting opportunity...
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...