Consumers, Estate Agents and Redress Bill [Lords]

I am comfortable that the market will be able to work effectively in the framework we are implementing and that it will be able to deliver services that meet the needs of customers. The balance we have struck in the Bill is the right one. The hon. Member for Cotswold referred to clients’ cash, which is mentioned in the new clause, too. However, it is often solicitors rather than estate agents who handle clients' money when they are buying or selling a property. Estate agents who handle money have to comply with the requirements of the 1979 Act and with the Estate Agents (Accounts) Regulations 1981. Non-compliance is an offence that can lead to prosecution in a magistrates court. Thanks to the Bill, it would be open to the consumer to seek redress for any problems they experienced with an estate agent who was handling their money, so a legislative requirement is not needed.