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Property Services Regulatory Authority Expenditure

Dáil Éireann Debate, Tuesday - 9 October 2012

Tuesday, 9 October 2012

Questions (437)

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]

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Written answers

The 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.

Question No. 438 answered with Question No. 436.
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