The Property Services Regulatory Authority (PSRA) was established on a statutory basis on 3 April 2012 in accordance with the provisions of the Property Services (Regulation) Act 2011. The legislation provides for the establishment of the Authority to licence, control and regulate Property Service Providers (PSPs), i.e. Auctioneers/Estate Agents, Letting Agents and Management Agents. The new PSRA licensing system came into effect on 6 July 2012.
I am advised by the Authority that its main priorities for the short to medium term are:
- Establishment of the new licensing system for PSPs;
- Setting and enforcing new standards for PSPs;
- Establishment of a system of investigation and adjudication of complaints against PSPs;
- Establishment and maintenance of the Compensation Fund;
- Maintenance of the Residential Property Price Register;
- Establishment and maintenance of a Commercial Leases Database;
- Maintenance of the Public Register of Licensed PSPs.
The Authority has further advised that the question of examining the feasibility of the introduction of mandatory "seller packs" cannot be considered until the Authority's main priorities listed above have been fully addressed. It might be noted that in the United Kingdom, "Home Information Packs" which were a form of mandatory seller pack were discontinued with effect from 21 May 2010.