Barriers to entry

Here's a nice attempt by the estate agents:

A licensing scheme aimed at protecting home buyers and sellers from unqualified estate agents has been launched by an industry body... The new scheme, which would be available to NAEA members, would offer a licence to members who:

- Hold a recognised qualification
- Are covered by professional indemnity insurance
- Can provide accountant's reports when client money is held
- Take 12 hours of training on the latest developments in the sector each year...

However, there appear to be few exact targets set on how the scheme would be judged as a success or not, apart from increased membership of the NAEA and signs of greater consumer awareness of the licensing scheme...

The NAEA is still calling on the government to legislate and lay down formal regulation, as in the case of solicitors and other professionals in the house-buying industry... In February, the Office of Fair Trading (OFT) gave a largely clean bill of health to estate agents after a year-long study into standards in the industry.
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Being the world's most stultifyingly boring man, I actually ran a Fun Online Poll on this when it was last mooted: "Who will benefit more from the 'regulation' of estate agents?".

Your responses were:

Established estate agents - 96%
Their customers - 4%

'Nuff said.