Consumers, Estate Agents and Redress Bill [HL]

moved Amendment No. 93: 93: Schedule 6, page 67, line 19, leave out ““£500”” and insert ““£3,000”” The noble Lord said: My Lords, AmendmentNo. 93 seeks to raise the penalty from £500 to £3,000. In Committee, the noble Lord, Lord Dubs, sought to raise it to £1,000. We supported that, but wish to go further. We generally favour a light regulatory approach, due to the lack of a recognised standard within estate agency, and we feel that a redress scheme represents this light touch. Where necessary, sanctions and penalties should be tough enough to give teeth and credibility when dealing with the rogue element. Our recommendation of £3,000 is based on the fact that the average national estate agency commission is £3,300 for the selling of just one property. Surely a £3,000 fine is not unreasonable; we hope that it will send the right message. I beg to move.