Slough MP Tan Dhesi has called on the government to take urgent action and create a property manager regulator.

With some estimates suggesting that over £1b being overcharged on service charges, Tan Dhesi questioned the Minister for Housing and Homelessness, Heather Wheeler MP, about when the government would be launching a new regulator for managing agents.

Tan Dhesi said: “This is believed to be the on only area in the UK where money is held by a third party and is not regulated.

We have had instances of the federation of private resident’s association giving a lot of evidence. An individual can set up a business as a property manager without any formal qualifications, they could have a criminal record and yet they can still carry on the work.”

Currently, a report is being written by the government deciding on what action is best to take. When questioned when the report will be released, Mrs Wheeler said: “We do expect Lord Best’s report to come out by the end of the summer this year and part of that is about regulating property managers.

“We will take it forward after that point. I feel it is very important that we get all the facts. I want this to be as thorough of a piece of work as it possibly can be.”