What does this mean for property agents?
In order to ensure compliance with the Act, agents will need to review their commercial practices to ensure that they comply with the new rules and CMA guidance.
There are several aspects of the Act which do apply to property agents, these include:
- Advertising and material information
- Pricing
- Fake reviews
- Incentivized reviews
What are Unfair Commercial Practices?
A commercial practice is unfair if it:
- Is a misleading action or omission, an aggressive practice or contravention of professional diligence requirements which is likely to cause the average consumer to make a transactional decision they might not have otherwise made,
- Omits material information
- is one of the actions listed in Schedule 20 of the Act
