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Residential managing agents are to be independently regulated for the first time under a new regime launched by the Association of Residential Managing Agents.
The new regime, known as ARMA-Q, aims to raise standards for leaseholders and includes commitment to a new consumer charter and industry standards for ARMA agents. Compliance with the standards and charter will be overseen by an independent regulatory panel led by former housing minister Keith Hill.
ARMA-Q was launched on 15th May at a special event at the House of Lords, hosted Labour peer Baroness Hayter, after a three month public consultation period. Further measures will be introduced from 2015, when ARMA members will also be required to sign a consumer charter committing them to providing a high level of customer service.
ARMA’s chairman Ben Jordan said “Managing agents accredited under ARMA-Q will be able to demonstrate that they hold specific expertise in block management and that they comply with rigorous standards for the work they undertake in that area. That’s good news for agents and good news for leaseholders too.”