Money News
The OFT (Office of Fair Trading) has launched a probe into property management services for common and shared residential property in Scotland.
Residents in tenements and other collective residential properties in Scotland use property managers, known as factors, to manage common and shared property - for example roofs, staircases, entrances and gardens.
The study will consider issues such as how much choice and information is available to homeowners, how property managers are selected, the quality and costs of the services provided, how homeowners can effectively manage services and whether homeowners have access to redress when things go wrong.
The market study follows evidence submitted to the OFT by the Scottish Consumer Council (SCC), which highlighted potential consumer harm in this area.
It will report back by the end of the year and will involve gathering and analysing evidence from homeowners, suppliers operating in the sector, and other key parties as well as co-operation with the Scottish Government and the SCC.
Heather Clayton, OFT Senior Director of Infrastructure, said: "This study will take a detailed look at Scottish property management services, consider how well they are working for homeowners, and take a view on any recommendations which might bring positive outcomes for consumers in Scotland."
Douglas Sinclair, Chair of the Scottish Consumer Council, said: "The SCC has expressed concerns about the current system of Scottish property factoring and welcomes the OFT's announcement today. We look forward to working with the OFT as it looks in more detail at this important area for Scottish consumers."
17 June 2008 © Moneyextra.com
Our senior editor Robin Amlôt recommends you should consider taking independent financial advice before acting on any article. Please contact us for help with your individual circumstances if any assistance is required.