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Estate Agents (Clients' Accounts)

Volume 981: debated on Friday 28 March 1980

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asked the Secretary of State for Trade what progress he is making in his consultations with interested parties about draft regulations under the Estate Agents Act 1979 relating to the keeping of accounts of clients' moneys; if he will estimate when they are likely to be brought into operation; and whether they are ready to preclude the taking of several non-returnable deposits on the same property.

Comments, now received from the main interests, will in this complex area take time to consider and I am unable to say when the regulations are likely to come into operation. The regulations will not control the taking of deposits but will form part of the system for safeguarding deposits once taken.