Consumers, Estate Agents and Redress Bill [HL]

moved Amendment No. 7: 7: Schedule 6 , page 68, line 25, leave out ““£500”” and insert ““£1,000”” The noble Lord said: My Lords, Amendment No. 7 would raise the penalty on an estate agent from £500 to £1,000. This was discussed in Grand Committee and again on Report, when an amendment was tabled to increase the penalty. I understand that there would be difficulties with the higher amount because it is normal practice to go before the courts to increase the penalty. However, given the sums of money at stake for estate agents and the profit that they can make on a single transaction, it seems reasonable to say that £500 is too small a penalty to deter anyone. I do not say that a £1,000 penalty will act as a major deterrent either, but it is better than £500. The Minister made sympathetic noises when we discussed this on Report, so I hope that the arguments are well understood; there should be no difficulty about them. My only concern is whether a £1,000 penalty will have more of a deterrent effect than a £500 one, but it is a little better. I beg to move.