An Evening With The Property Ombudsman (TPO)
Peter Habert from TPO kindly gave us more insight into how the redress scheme operates, handles complaints and works with sourcing agents, including providing a case study to reference.
You can watch the two videos below, covering the main presentation content followed by Q&A.
The main takeaway, whether you are registered with TPO or PRS was do not ignore complaints when they come in - they will very likely get worse if you do!
Key Timings
- About Peter Habert and TPO: 00:00 - 05:30
- What Does a Redress / ADR Scheme Do? 05:30 - 06:50
- Why is an Ombudsman Different? 06:50 - 11:00
- Who is Required to Join? 11:00 - 13:44
- TPO & NAPSA Partnership: 13:44 - 17:00
- 2023 Annual Review Headlines: 17:00 - 21:30
- Property Sourcing Disputes: 21:30 - 23:30
- When Complaints Happen & Handling: 21:30 - 33:40
- Case Study: 33:40 - End
Q&A Section
Please see the list of questions underneath and timings for the answers provided.
Question 1 - Commercial Sourcing (Start - 01:17)
What recommendations would TPO make for sourcing agents who are focusing purely on commercial and not residential. Will the redress scheme be able to protect these sourcers in the future?
Question 2 - More Regulations (01:17 - 03:50)
Their is a stigma attached to the industry with so many "Property sourcers" operating without full compliance, process, and due diligence, do the TPO believe the industry should become more regulated and if so how and when?
Question 3 - Reduce Complaints (03:52 - 06:05)
Rather than wait for complaints to be received by Investors, what proactive measures are the TPO taking to reduce the number of complaints received by them?
Question 4 - Stricter Monitoring (06:05 - 07:50)
How does the TPO intend to deal with those Deal Sourcers who either a.) are not even registered with an Ombudsman (less common these days than it was) or b.) are simply paying lip-service by registering and getting the magic reference number but cannot back it up with any evidence of a complaints procedures etc.
Question 5 - Application Standard (07:50 - 09:40)
What is the TPO going to do to raise their application standard so that it lets only (perhaps only NAPSA approved?) members join their scheme. I have paid a lot of money to join TPO and I am playing my part by aligning with NAPSA and ensuring I will have all the correct processes and procedures in place to deal with complaints amongst other things. What will the TPO give me in return, and assure me it is not biased towards the investor.
Question 6 - TPO Membership - Affected by Non-Compliance (09:40 - 11:40)Would a sourcing agents membership be 'null and void' if they were found to not be registered with HMRC for AML or if their insurance was not fit for purpose either by amount covered and services?
Question 7 - Training Courses (11:30 - End)
How can the TPO regulate property "gurus/educators" who are teaching the wrong information in regards to sourcing.
Useful Links
NTSELAT: Mandatory redress for deal sourcers: https://www.bristol.gov.uk/ntselat/estate-agency/what-estate-agency-work-is
Approved Redress Schemes: Registering with a redress scheme as a property agent - GOV.UK (www.gov.uk)
TPO Complaint Handling Toolkits: Complaint Handling Toolkit (tpos.co.uk)
TPO Insurance Requirements: Application Requirements (tpos.co.uk)
Host: Peter Habert, Policy Director at TPO
Peter has been working with TPO for a number of years, and working closely with Tina for more than 5 years to gain insights on the property sourcing sector to develop a plan for improvements and regulations.
Peter and NAPSA worked closely to build the Code of Practice, which is now used by both redress schemes as a standard for sourcing agents to follow.
Each month we will be proving the opportunity for Members to join our live sessions with guest speakers, covering a range of topics such as insurance, redress schemes, attracting investors, and marketing. If you can't attend all of the events, don't worry - we'll provide Member Access to recorded versions of each video.
Any questions, our team is here to help - contact [email protected]