Last month the Scottish Parliament approved the date of 1 October 2012 for the Code coming into force and from this date all registered property factors operating in Scotland will have to comply with the Code.
Background
The Code was introduced under the provisions of the Property Factors (Scotland) Act 2011, which aims to create a statutory framework which will provide increased protection for homeowners who use the services of a property factor.
The Act has three main elements:
-a compulsory register for property factors;
-a Code of Conduct with which all registered property factors will be required to comply, and which will set minimum standards of practice for the residential property and land management industry;
-and a new statutory dispute resolution mechanism, to be known as the Homeowner Housing Panel. Homeowners will be able to make applications to the Panel if they believe their property factor has failed to comply with either their factoring duties or with the Code the Code of Conduct.
All elements of the Act will come into force on 1 October 2012 and from that date it will be an offence to operate as a residential property factor in Scotland without being registered.
Development of the Code of Conduct involved consultation with a number of key stakeholders in addition to a 12 week public consultation, which included a series of consultation events, in autumn 2011. The final version of the Code represents the culmination of this process and it has been revised in the light of feedback obtained through these routes. We would like to thank all who contributed their views.
