© 2025 News On The Block. All rights reserved.
News on the Block is a trading name of Premier Property Media Ltd.
© 2025 News On The Block. All rights reserved.
News on the Block is a trading name of Premier Property Media Ltd.
A Bournemouth MP has called for a regulatory gap to be closed after a property management company collapsed, leaving thousands of residents, property owners, and contractors out of pocket.
Conor Burns, MP for Bournemouth West, raised the issue of Initiative Property Management in the House of Commons, suggesting that the company may not have fallen under the regulatory framework of the Financial Conduct Authority (FCA).
Mr Burns said that residents had seen building works on their blocks cease and had been unable to access tens of thousands of pounds in management fees since the company collapsed.
He asked the leader of the house, Penny Mordaunt MP, to make government colleagues aware of the potential regulatory gap and to ask them to take a look at it.
Ms Mordaunt thanked Mr Burns for his work on the issue and said that the government was currently considering the recommendations of a report on the regulation of property agents. She added that the FCA currently had a limited role in regulating property management companies, but that the government wanted to ensure that it could be a more "innovative, assertive, and adaptive regulator."
The FCA has confirmed that it is examining the case of Initiative Property Management, which had a portfolio of more than 2,000 flats across Bournemouth, Christchurch, Poole, and the south.
Anyone with information that could help the police with their investigation into the company's collapse is urged to contact them on 101 quoting Operation Interest or occurrence number 55230141924. Alternatively, they can contact Crimestoppers anonymously online at Crimestoppers-uk.org or by calling Freephone 0800 555 111.
The collapse of Initiative Property Management is a reminder of the need for effective regulation of the property management sector. It is important that property managers are held accountable for their actions and that residents have access to remedies if something goes wrong.