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What is ARLA? What can it do for me?

What is ARLA? What can it do for me? . Ian Potter FARLA FRICS Managing Director. ARLA Provides. A membership body for Residential Letting Agents. Voluntary Self Regulation Consumer Protection Disciplinary Process. Membership Requirements.

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What is ARLA? What can it do for me?

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  1. What is ARLA?What can it do for me? Ian Potter FARLA FRICS Managing Director

  2. ARLA Provides • A membership body for Residential Letting Agents. • Voluntary Self Regulation • Consumer Protection • Disciplinary Process

  3. Membership Requirements • Admission by Professional Recognised Qualification • Individual basis. • If a member is a Principal, Partner or Director must have:- • Client Money Protection • Designated Clients Bank Account • Professional Indemnity Insurance • Membership of a Redress Scheme

  4. Professional Qualification Benefits • ARLA through an awarding body regulated by Ofqual provides a level 3 award. There is also a level 4 • The Technical Award in Residential Lettings and Property Management is level 3 • Certificate in Residential Lettings and Property Management Level 4 • It means:- • The member has an understanding of the law around Landlord and Tenant Legislation • The member is able to advise their clients

  5. Client Money Protection • This is a scheme provided by ARLA for its members which protects the clients against mis-appropriation of clients funds by a Principal ,Partner, or Director member. • There are limits with up £500k for any agent • £25K for any one claimant, landlord or tenant • Maximum of 3 months rent for the landlord

  6. Designated Clients Bank Account • All clients funds in an account that cannot be used by creditors if the business were to fail. • Bank holding funds requires to acknowledge that they have no right of offset for borrowings • Gives protection under the Financial Services Compensation Scheme to each client should the bank fail ( Subject to other funds held with same bank max £85k)

  7. Professional Indemnity Insurance • Means that if the members makes a professional error that costs a client money the client can make a claim with a degree of certainty that funds are available to cover subject to acceptance or findings of negligence.

  8. Consumer redress • Provided through compulsory membership of an Ombudsman Scheme. Usually TPOS, • The Property Ombudsman Service • It covers service failure where the consumer has suffered from actions, other than financial misappropriation, which have cost the consumer financial loss. • Disciplinary action can also be taken against a member by ARLA for other areas of breach • Of Rules or Code of Practice.

  9. What is ARLA doing at present for members? New Magazine in December New Website probably this month TV Advertising Campaign in November TAGS for Boards New Training Courses for 2014 New Qualifications for 2014 Primary authority scheme with TSO

  10. Watch out for Change OFT Consumer Guidance for Lettings Immigration Bill Mandatory Redress Consumer Rights Bill Water Act Sections 13(2) Rent Increases CAP guidance on Fees 1st November

  11. More Change from DCLG • Introduce a Code of Practice • Draft Tenants Charter • Model Tenancy Agreement • Review of Standards

  12. Thank You

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