You may already be aware of the debate regarding regulation of the leasehold management sector. If you’re not, can we encourage you to read this blog.
Currently ARMA members follow the RICS Service Charge Residential Management Code, which as a member of RICS I already follow. The general feeling is that this is not specific to the managing agent sector and could be open to misinterpretation. A consultation has been undertaken on a new Code, named ARMA-Q – which proposes to introduce a new set of Standards, specifically tailored to the role of a managing agent.
ARMA-Q is proposed as being a completely independent regulatory panel, made up of consumer interests and external industry experts. By separating regulation from representation, the intention is that consumers will be able to be more confident that the standards will be enforced impartially.
It is generally believed there will be an impact on other managing agents and property industry stakeholders such as estate agents, surveyors, lawyers and accountants, although the specifics are not yet clear.
If the overall aim of ARMA-Q is to drive up standards, it has to be a step in the right direction and we are keen to see this happen. As soon as we have any feedback we’ll be in touch.
Watch this space.
Written by Steve Nightingale RICS.