Pearse Doherty
Question:437. Deputy Pearse Doherty asked the Minister for Justice and Equality the estimate of the cost of operating the Property Services Regulation Authority in 2012. [42684/12]
View answerDáil Éireann Debate, Tuesday - 9 October 2012
437. Deputy Pearse Doherty asked the Minister for Justice and Equality the estimate of the cost of operating the Property Services Regulation Authority in 2012. [42684/12]
View answerThe Property Services Regulatory Authority was established on a statutory basis on 3 April 2013 in accordance with the provisions of the Property Services (Regulation) Act 2011. The functions of the Authority are extensive and include: Control, supervision and regulation of Property Services Providers (i.e. Auctioneers/Estate Agents, Letting Agents and Management Agents); Operation of a comprehensive licensing system covering all Property Services Providers (PSPs); Setting and enforcement of standards for the grant of licences to PSPs (e.g. educational/training standards; levels of professional indemnity insurance), and standards to be observed in the provision of property services by PSPs (e.g. technical standards; appropriate ethical standards); Establish and administration of a system of investigation and adjudication of complaints against PSPs; Conducting audits and inspections of PSPs as part of the general compliance and enforcement function; Enforcement of the legislation through the imposition of sanctions (which include fines of up to €250,000 and the revocation of licences) and initiating court prosecutions as appropriate; Promotion of increased consumer protection and public awareness of property services in general and the cost to consumers, risks and benefits associated with the provision of those services; Establishment, maintenance and administration of a Compensation Fund to compensate parties who lose money as a direct consequence of the dishonesty of a PSP; Establish and maintenance of a Public Register of Property Sales Prices; Establishment and maintenance of a Commercial Leases Database; Establishment and maintenance of a Public Register of Licensed PSPs; Production of and enforcement of Codes of Practice for Property Services Providers; Production of guidance material for the industry and the public.
The cost of the Authority in 2012 is estimated at €738,000. It should, however, be noted that under section 25 of the 2011 Act, the Authority is required to be self-financing. It is anticipated that the amount of fees which will be taken in by the Authority in 2012 will more than cover the costs of operation of the Authority.