The BSA has today published a summary incorporating initial thoughts on where industry and government should go from here.
The change in Government provides fresh opportunities and impetus to get reform right. With value for money, and putting greater power and opportunity into people's hands at the core of the Government's agenda, the BSA is keen to work with Government, the full range of service providers and the professionals involved in buying and selling homes to determine how future reform can succeed.
Paul Broadhead, Head of Mortgage Policy at the BSA, said:
"Consumers need to be put back at the heart of the home buying and selling process. The new Government has acted swiftly since coming to office suspending HIPs within its first few weeks.
"Work must continue to ensure customers receive better value and an improved experience. A key component in reforming the process remains providing the RIGHT INFORMATION to the RIGHT PERSON at the RIGHT TIME. "
Christopher Hamer, the Property Ombudsman, explains:
"It is clear that a lack of consumer understanding and poor information on a wide range of issues from roles, terms of business and the process overall place consumers in a weak position."
Any reform must be industry led but real reform cannot be delivered by industry alone. The government has a key role to play in ensuring there is a level playing field and if new regulation is required, they should not shy away from it.
David Dalby, Director of Residential Professional Groups at RICS, said:
"Raising professional standards and consumer education are two sides of the same coin. Greater transparency is needed across the process. Industry, with help from government, has an important role in achieving this."
Paul Marsh, the immediate past president of the Law Society, added:
"Government intervention is required through effective and proportionate regulation of the key sectors involved in the process."
Broadhead concluded :
"The BSA will continue to facilitate work between all parties to maintain momentum and increase cross industry dialogue. The BSA encourages the Government to ensure future reform is well thought out, targeted and delivers tangible consumer benefits."
