Letting agents meet with OFT on advertising ruling

Leading letting agency firms met yesterday with the Office of Fair Trading to discuss the implementation of the recent Advertising Standards Authority ruling on advertising of fees. 

The meeting, chaired by NALS, gave agents an opportunity to voice concerns and seek guidance on compliance with the ruling.
 
While there was agreement among the agents that transparency for tenants was of the utmost importance, they believed urgent clarification was needed on the ruling’s practical application to avoid misleading consumers. 

The agents welcomed the OFT’s willingness to consider their queries and engage with them. A recent report by the OFT itself contains recommendations for better upfront information and for fees to be set out in a clear tariff of charges.
 
Isobel Thomson, chief executive of NALS, said: “Since the ASA ruling, the industry has been trying to reach a conclusion as to how agents can comply.

“Given that the ultimate sanction the ASA has available is referral of non-compliant agents to the OFT or Trading Standards, it made sense to meet with them in light of their regulatory role at the earliest opportunity. 

“We await to hear the outcome of their consideration of some of the practical issues raised.”
 
The meeting was attended by representatives of:

Foxtons
Hunters
Leaders
Northwood
Sequence
Spicerhaart
Touchstone
Winkworth
Your Move