New legislation which will introduce statutory regulation of property factors to protect consumers in Scotland has been approved by MSPs. The Property Factors (Scotland) Bill was passed in the Scottish Parliament on Friday 3 March 2011 after attracting cross-party support.
The Bill introduces a registration scheme and a statutory code of conduct for property factors. It will be an offence for a property factor to operate in Scotland without being registered, and will introduce an accessible form of alternative dispute resolution. This will be reinforced by a code of conduct setting out minimum standards of practice for registered property factors.
Please see my blog entry from 29 September 2010 for a more in-depth discussion on the content of the Bill. The Bill now goes forward for Royal Assent and will come into force on a day or days to be set by Order.
Patricia Ferguson, MSP for Glasgow Labour, who promoted the Bill has said “The Bill recognises the plight of people who have suffered at the hands of unscrupulous factors – people identified during the consultation on the Bill, people recognised by the Office of Fair Trading in their report into property management across Scotland and the people who have come to our surgeries. In short, people have come to this Parliament for help because it can be found nowhere else…This legislation will help to root out the rascals in the industry and give it the opportunity to show that most factors do work to high standards.”
- Property Factors (Scotland) Bill to ensure standards of practice (blackaddersbusinesslegalnews.com)