The role of the Property Standards Board is to raise standards across the residential property industry, so as to embed consistent levels of service and competence across the sector. The Board is committed to improving consumer awareness and experience, and to providing and endorsing standards against which redress mechanisms and consumers alike can judge the performance of service providers.

The Board's terms of reference are to:

• Promote the interests of consumers in the sale, purchase, leasing and letting of residential property, with regard to choice and quality of service, having regard to the wider public interest.
  
  
• Work with OFT and other stakeholders to endorse Codes of Practice for all aspects of the sale, purchase, letting or leasing of residential property, and to keep these under review, amending and updating as necessary following consultation with all relevant stakeholders.
  
  
• Contribute to ensuring that systems of registration, compliance monitoring, discipline and complaints handling are in place to cover all aspects of buying, letting and leasing, identifying any gaps and encouraging and promoting the establishment of suitable bodies to fill them, and ensuring a single (or simple) entry redress portal for all consumers.
  
  
• Work with all relevant bodies (government, sponsoring organisations, consumer representatives, relevant regulators, market players and others), as deemed appropriate, to further the interests of consumers, whether this relates to the law, the working of the market or any other relevant issue.
  
  
• Publish and promote the Board's activities (including consumer access to regulatory information) as required.
  
  
• Ensure that any standards recommended are proportionate in their application, and do not impose an administrative or cost burden disproportionate to the consumer benefit they provide.
  
  
• Establish and maintain a funding model that ensures the Board’s independence in relation to any participating organisations.