Insurance News Archive
Calls for Hips market to be regulated
Home Information Pack (Hip) provider, Spring Move, is calling for the industry to be better regulated in order to give people more protection from rogue companies.
They claim, for example, that there is no redress scheme in place for people who feel that they have been given poor quality Hips.
Hips are due to come into effect in just over a year, with Spring Move predicting that the market will be worth around £1.4 bullion a year.
The company predicts that organisations may enter the market with poor and rushed propositions, which could be caused by a lack of home condition inspectors.
Although Spring Move is supportive of Hips, it is concerned that rogue companies could damage the market and that there needs to be some sort of regulation.
"We are in favour of Hips but we are concerned that some companies will enter this market offering poor quality Home Information Packs that in some cases will not be worth the paper they are printed on," Stephen Foden, chairman of Spring Move said.
He concluded that if the industry wants consumers to rely on Hips to make their purchasing decisions, then safeguards against the protection of wrong or misleading information must be introduced.
11 May 2006