Dáil Éireann Debate, Tuesday - 26 March 2013
407. Deputy Clare Daly asked the Minister for Justice and Equality the regulations protecting the owners of properties from rogue auctioneers who do not achieve the best price for the asset; and if he has any plans to improve legislation and regulation in this regard. [15086/13]
View answerThe Property Services (Regulation) Act 2011 established the Property Services Regulatory Authority to control, supervise and regulate Property Services Providers (i.e. Auctioneers/Estate Agents, Letting Agents and Management Agents). Any person wishing to provide a property service must be licensed by the Authority and meet certain minimum qualification standards. The new PSRA licensing system came into effect on 6 July 2012. A key role of the Authority is to set and enforce standards in the provision of property services by auctioneers, letting agents and property management agents and to provide redress mechanisms for consumers of those services. The Authority administers a system of investigation and adjudication of complaints and investigates all complaints where it is alleged that a Property Services Provider has engaged in improper conduct. All such complaints must be made in writing and a complaint form is available on the Authority's website www.psr.ie.
Where, on completion of an investigation, the Authority is satisfied that the property services provider has engaged in improper conduct, it may impose any of the following sanctions:
- issue a reprimand, warning, caution or advice to the property service provider;
- revoke the property service provider's licence;
- suspend the property service provider's licence for a specified period;
- direct the property service provider to pay:
- up to €50,000 to the Property Services Compensation Fund;
- up to €50,000 to the Authority towards the cost of the investigation;
- up to €250,000 to the Authority by way of a financial penalty, or
- any combination of the foregoing.
