The Office of Fair Trading (OFT) has approved the Ombudsman Service Limited's application to operate an estate agents redress scheme, under the Consumer Estate Agents and Redress Act 2007.

The company will operate the Surveyors Ombudsman Service (SOS) as an approved estate agents redress scheme, and is the second to receive OFT approval ahead of 1 October 2008, when it becomes compulsory for all estate agents dealing with residential property in the UK to join such a scheme.

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Buyers and sellers of residential property will, from October, be able to refer complaints concerning members of the scheme to an ombudsman, which will have the power to make a range of awards, including requiring a member to pay compensation. The ombudsman's decision is binding on the estate agent, although a complainant can choose to reject the decision and pursue their complaint through the courts. The SOS approved redress scheme will be a free service to complainants.

Jonathan May, OFT Executive Director, said: "The SOS scheme has successfully met the criteria applied by the OFT. Buying or selling a home is a significant and complex transaction so it is good news that, from October, there will be access to free, easily accessible and speedy redress schemes that will ensure fairness and transparency."

(CD/JM)