Q What is the FSA?
A The Financial Services Authority
Q What do they do?
A The FSA govern and ensure standards are maintained over financial transactions. The FSA also strictly regulate lettings agents to ensure that their standards and integrity are always high.
Q Are all lettings agents regulated?
A They should be, Belvoir are.
Q Why should I only deal with letting agents who are FSA compliant and approved if I am a tenant?
A If you have an insurance claim and your agent is FSA compliant, the letting agent can actually mediate with insurance companies, if they are not compliant all they can do is introduce an insurance policy to you and then take no further responsibility.
Q Why should I only deal with letting agents who are FSA compliant and approved if I am a landlord?
A For the same reasons as a tenant would. For example, if a Landlord's property has a leak and a ceiling falls in, he or she are likely to ask their managing agent to deal with the insurance company, whoever they are. If a managing agent has not got FSA compliancy they are not allowed to deal with the Insurance Company and the landlord then has to do all the chasing and mediation work him or herself.
Q So if this an extra service won’t the landlord be charged more by the agent?
A Check with your own agent. At Belvoir it is included in the management fee.
Q How do I find out if my lettings agent is FSA complaint?
A Ask to see their certificate of authorisation, you should also check whether the agency has competent advisor status for mediation purposes.
Belvoir, the lettings specialists, are compliant with the FSA and can mediate in insurance claims. We are also at the forefront nationally of an FSA initiative to ensure customers are treated fairly.
Are you prepared to take the risk of having an agent who can’t actually manage all aspects of your investment property ownership?
For more information, on the above or on any other lettings, property management or buy to let investment, please contact Rick Flay LLB Hons, Belvoir, the lettings specialist on 08452 60 40 90, or email sheffield@belvoirlettings.com
| 
