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From the sounds of the findings in the independent review, commissioned by the Royal Institution of Chartered Surveyors in conjunction with the National Association of Estate Agents and the Association of Residential Letting Agents, it looks like this discrepancy in the regulatory framework could soon be coming to an end.

Any mortgage adviser who has spent their career sitting through numerous examinations, completing training and competency requirements, filling out paperwork and making sure their business is treating customers fairly, is surely thinking it was about time that the heavy hand of the regulator was laid upon estate agents too.

The 56-page report, authored by former Office of Fair Trading head Sir Bryan Carsberg, outlines a case that the markets for estate agencies, letting agencies and managing agencies are not working well because clients are neither well informed about qualifications of different agents nor aware of what to expect from them by way of service.

And let's face it, estate agents on the whole have not garnered the best reputation for themselves.

As Sir Bryan points out, buying a home is often the "biggest financial transaction in a person's life".

And with the average cost of buying a house now edging towards £200,000, the cost to the buyer of an estate agent getting it wrong it is enormous. It seems that Sir Bryan's recommendations have been a long time coming.

According to the review, the calls for formal regulation stemmed from three major reports produced by the Office of Fair Trading, consumer champion Which? and research consultancy ComRes.

The OFT study, completed in 2003, found a significant level of dissatisfaction among clients with the level of service they received from estate agents.

The study found that about one in five sellers and one in four buyers had experienced a serious problem with their estate agent.

These concerns stemmed from poor provision of information, poor advice on the price that should be sought for the property and failure to take sufficient care over conflicts of interest.

Subsequent research from Which? and ComRes provided further evidence that consumers often found the buying and selling process stressful because of the lack of knowledge displayed by agents in the process.

Currently, anyone can set up business as an estate agent without needing a relevant qualification or any other permission. There are even fewer controls on letting agents and managing agents.

Estate agents are often the first port of call for home buyers, and Sir Bryan said as such it must be ensured that agents are doing a good enough job in informing clients so they can exercise their choices effectively.

In the review, Sir Bryan recommends that a new regulatory body should be established to take over from the OFT's power.

This new organisation would have the responsibility for a host of new powers, including improving transparency in residential transactions and providing a standard draft contract to be provided by sellers to prospective buyers.

For many industries less regulation is often welcomed, but for the mortgage and property industry, transparency, good consumer service and confidence is key.

But is regulation of estate agents likely to have a positive effect on the industry?

In theory, better qualified and informed agents should mean consumers would have a better grasp on the home buying process. And clued-up customers are likely to make better informed decisions when it comes to working with a mortgage adviser, or choosing a mortgage they can afford.