Regulation of Jersey Estate Agents
Launch date: 15/09/2021
Review status: Review started
What is the review about?
The Economic and International Affairs Scrutiny Panel is commencing a review examining whether estate agents in Jersey should be regulated. Currently, Jersey estate agents are not required to belong to an approved professional body, hold a professional qualification, or adhere to a code of conduct.
Following discussions with the Jersey Estate Agents Association (JEAA), which highlighted several risks in the absence of regulation, and a public survey which demonstrated a majority in favour of regulation, the Panel's review will aim to:
- Compare the scope of regulations that apply in other jurisdictions, including the UK, Guernsey and the EU
- Identify the total number of active estate agents in Jersey, including those who belong to a professional body, and assess their adherence to a code of conduct in the absence of a regulatory framework
- Identify all existing regulation of Jersey estate agents and the cost and administrative burden to the regulator and estate agents
- Assess the extent to which the regulation of estate agents could improve the experience of buying and selling property in Jersey
The Panel has launched its review
Terms of reference
- To follow-up on the previous recommendations of the Residential Property Transactions
Review Panel (2018).
- To explore the current regulatory, or similar, oversight of Jersey estate agents, including
compliance with Schedule 2 of the Proceeds of Crime (Jersey) Law 19991, and an
assessment of Jersey estate agent accountability to codes of practice and professional
- To examine the administrative burden and financial costs of establishing regulatory
oversight of Jersey estate agents.
- To assess the benefits to purchasers and vendors of regulating Jersey estate agent
- To examine any potential impact, positive and negative, from a change in the property
transaction process brought about by regulation of estate agents in Jersey, on all relevant