We take our responsibility to help raise standards in the property industry seriously
We take our responsibility to help raise standards in the property industry seriously. This involves following up on decisions where there is a delay in awards, financial and non-financial, being settled.
Most decisions are settled within our timescales without us needing to follow up with the member. However sometimes we need to take a more proactive approach, which we explain here.
The result is that 85% of consumers receive the full amount that they were owed. While this was a small reduction from the 90% achievement in 2022, this reflects both the increased volume of complaint enquiries coming to the PRS and the higher proportion of these that are being investigated.
Ultimately, we can cancel an agent’s membership where they do not settle an award. Last year 58 agencies were expelled (compared to 61 in 2022) which highlights the quality of our compliance process and how seriously we take non-compliance.
Our decisions include awarding compensation or requiring members to do things, like providing documents, a meaningful apology, or explanations for certain actions. Once the process has been completed, it will move to the compliance stage and once the decision has been settled, the case will be closed.
