Chaired by Sir Bryan Carsberg, former director general at the Office of Fair Trading (OFT), the review will examine the role of Home Information Packs (HIPs) and Energy Performance Certificates (EPCs) within the sector, alongside the wider residential markets. Carsberg’s review will also include consultations with consumers, industry bodies, the government and other stakeholders.
Carsberg admitted that the recent addition of HIPs had caused regulatory fractures, which the review would seek to redress. He said: “The frameworks surrounding HIPs and EPCs have introduced significant new regulatory and redress structures into relatively low risk aspects of the property transaction while leaving consumers in other parts of the sector, that may carry higher risks, apparently exposed.
“This contrasts with the government’s approach to regulation elsewhere – particularly in the financial sector – where a more holistic approach to the control of risk has been adopted.”
The Independent Surveyors Association (ISA) welcomed the study and suggested that the review should look into the cohesion between the industry and the government in addition to the difference between small and large firms. David Hamilton, director of professional standards at the ISA, said: “There is a perception by small firms that regulation is directed by members from larger firms to the advantage of the larger firms at the expense of the smaller.”
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