Press release
New regulator for the property search industry
Friday 29 September 2006
Contact: Fiona Hoyle
The Property Codes Compliance Board (PCCB) has today been established to independently regulate private property search firms. Homebuyers paid for over four million property searches last year including information on planning applications, road schemes, environmental risks, water supplies and sewer connections. The PCCB will monitor compliance with the Search Code of Practice, maintain a central Register of all firms subscribing to the Code and discipline registered firms which fail to meet the standards.
Sponsored by the Council of Property Search Organisations (CoPSO), the Search Code will introduce quality standards covering both the content and sale of property search reports and an effective consumer complaints process via the Independent Property Codes Adjudication Scheme.
Under the Chairmanship of Sue Scott, the PCCB will encourage all search firms to sign-up to the Code:
‘Delivering effective consumer redress for home buyers and sellers is at the heart of the Government’s Home Information Pack initiative. The Property Codes Compliance Board has been charged with ensuring that this happens within the property search industry.
Commenting on the introduction of the PCCB and the launch of the Search Code, Fiona Hoyle, Chairman of CoPSO said:
‘Only search firms which subscribe to the Search Code should be able to provide property searches as part of the home buying process. By subscribing to the Search Code and regulation by the PCCB, search firms are sending a clear message to their clients that they are committed to quality standards and robust consumer protection.’
Notes to Editors
- The Property Codes Compliance Board (www.propertycodes.org.uk)
- Sue Scott is a solicitor and was formerly Head of Legal Services at Woolwich plc before becoming Legal and Policy Director at the Mortgage Code Compliance Board. Since early 2005, Sue has been Head of Policy and Legal at the Banking Codes Standards Board.
- The Council of Property Search Organisations (CoPSO), is the leading trade association for the property search industry. Members provide a range of property information reports including local, environmental, mining, drainage and water data and produce over 2m searches each year.
- Under the Search Code, registered firms will:
- Ensure that all services and products comply with the Search Code.
- Train staff properly to undertake property searches with thoroughness and diligence.
- Provide search reports in a timely manner which include the most up-to-date available information and an accurate report of the risks associated with the property concerned.
- Base search results on either a physical examination of public records; a response from an official entitled to provide the information; our own current records or commercially available data.
- Ensure data sources used in compiling searches are legitimate and that copyright and intellectual property rights are not knowingly infringed.
- Clearly indicate on the search report where required information is not available and provide details of where further data can be obtained.
- Deal promptly with queries raised on search reports.
- Handle complaints speedily and fairly.
- At all times maintain adequate and appropriate indemnity insurance cover.
- Ensure that all services and products comply with relevant laws and regulations.
