They replied: “It is a criminal offence to omit material information, to hide material information, to provide material information ambiguously, or to provide material information in an untimely manner. A consumer’s transactional decision can be impacted before, during, or after having entered/concluded a contract. The implications of breaching the CPRs can be serious, not just regarding material information, but any breach of the CPRs. An individual/organisation can be fined an unlimited fine and serve up to 2 years in prison. They can be the subject of a complaint to a redress scheme and face penalties (which, if not paid, they can be expelled from the redress scheme and then are going to be trading illegally because it is a legal requirement to be a member of a redress scheme for engaging in estate agency work in the UK. This would then also open them up to enforcement action by local Trading Standards. They can also issue a prohibition order or a warning order against individuals or businesses – the prohibition order is a lifetime ban from engaging in estate agency work”
Compliance with trading standards is not optional; it’s essential for the integrity of the property market and the protection of consumers. By understanding and adhering to these regulations, estate agents can avoid severe penalties and contribute to a transparent, fair, and trustworthy property transaction process.
Consulting with conveyancers for precise information disclosure is advised to navigate compliance effectively. This commitment to transparency not only avoids penalties but also fortifies the market’s integrity and consumer protection.