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OFT issues warning order against former estate agent

The Office of Fair Trading has made a warning order against Darren Russell, the former proprietor of the estate agency and lettings business Homes Direct.

Russell failed to disclose his personal interest in the acquisition of a property from a client, and his personal interest in the sale of his property to a purchaser. He thereby breached section 21 of the Estate Agents Act 1979, as well as the Estate Agents Order 1991.

The OFT launched an investigation into allegations that Russell had breached estate agents law following complaints from consumers. As a result, the OFT has advised Russell that if he fails to comply again with an obligation under section 21 or engages again in the undesirable practice described, he will receive a prohibition order banning him from estate agency work.

Ray Hall, director of services at the OFT, says: “This case shows how the OFT will act to protect consumers and take appropriate action to ensure that estate agents meet their legal obligations.”



TMB launches house-to-house range

The Mortgage Business launched a series of house-to-house products in its new product range. The range offers two new products: one with a two-year rate at 4.99% with no early redemption charges, and the second product offering a rate without HLCs or ERCs. The TMB house-to-house range is available for applications on true self-cert, true […]

Just Retirement to float on AIM

Just Retirement has announced its intentions to float on the Alternative Investment Market to raise £50m.The specialist UK life assurance group is seeking to raise approximately £50m through an issue of new ordinary shares to institutional investors. The proceeds will be used to provide capital to fund the future growth of the Company and to […]

Lenders warned to invest in IT

Lenders risk becoming industry dinosaurs unless they invest in technology, warns edeus. Alan Cleary, managing director of edeus, says that for the next generation of borrowers, using online technology will be the norm and young consumers will increasingly demand online instant decisions and offers on mortgages. He says: “These days, people want to book their […] offers discounted services has announced a 20% discount on its search indemnities and defect cover policies when solicitors buy more than one policy. The website, which has also raised its indemnity limit to £2m is releasing the discount offers after the launch of further lender and owner residential covers to the site.The 20% discount applies to all […]


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