I wish to refer the Deputy to my response to Parliamentary Questions Numbers 188, 189 and 191 of 7 February, 2008 which set out the background to the publication of the General Scheme of the Property Services Regulatory Authority Bill. The Bill, which will establish the Authority on a statutory basis, is currently being drafted in the Attorney General's Office and it is anticipated that it will be published in final form later this year. Pending enactment of the legislation, an Implementation Group has been established to assist and advise on practical matters relating to the establishment of the new Authority and a Chief Executive designate has been appointed and is working closely with the Implementation Group in making arrangements for the establishment of the Authority and its structures. Two Higher Executive Officers, one Executive Officer and two Clerical Officers have been assigned from my Department to work with the implementation team on establishing the basic organisational structures, systems, procedures, protocols, rule and regulations, which are fundamental to the long term functioning of the Authority.
The new Authority will be unique internationally in the scope of its remit, responsibilities and powers and in that it will perform the dual role of regulator and ombudsman for the property services industry. It is important therefore that its structures, systems, procedures and rules and regulations be based on solid foundations and be put in place before it is established on a statutory basis. To this end the implementation team has:
successfully completed the necessary arrangements for the acquisition and fitting out of accommodation for the Authority in Navan, Co. Meath;
drawn up a Code of Practice for Auctioneers and Estate Agents, which identifies the key principles and values that should guide the day to day practice of service providers. The Code incorporates a complaints system which will enable complaints concerning non-compliance with the Code to be investigated;
established and published a National Public Register of all licensed Auctioneers and House Agents. This register will be added to on an ongoing basis and will, once the new legislation is in place, include Management Agents;
developed and put in place financial and accounting systems for the Authority;
designed and developed a website as part of the education and awareness function;
developed and implemented an office, file management and data management system suitable for the Authority's long term needs.
In addition to the foregoing the implementation team is currently working on:
designing and developing computerised licensing and complaints databases;
drafting Codes of Practice for Management Agents and Letting Agents;
preparing public information material on the provision of property services, including the purchase and sale of property;
reviewing all aspects of the work undertaken by Property Services Providers in Ireland and equivalent services in appropriate comparable jurisdictions for the purpose of prescribing the minimum education/qualification requirements necessary for the grant of licences;
establishing protocols for the vetting by the Garda Síochána of all applicants for licences;
drafting rules and regulations governing the complaints procedures;
drafting rules and regulations for the carrying out of investigations, inspections and audits of Property Services Providers' practices;
drafting rules and regulations governing the operation of Property Services Providers' accounting procedures including the manner of keeping all accounting records;
drafting rules and regulations governing the operation of client accounts;
prescribing the rights, duties and responsibilities of Property Services Providers in relation to monies received, held, controlled or paid in connection with the provision of property services;
prescribing the rules governing the auditing of Property Services Providers' accounts;
developing the systems, procedures rules and regulations necessary for the establishment of a Compensation Fund, including prescribing the level of contribution which Property Services Providers are required to pay to the Fund, the manner of reporting of losses sustained by clients, the procedures for applications for grants from the Fund and the manner of investment of Fund moneys;
prescribing rules and regulations governing the level of professional indemnity insurance which a Property Services Provider must have in place including the minimum levels of risk cover necessary, approved indemnity terms, audit reports and manner of maintaining insurance records.
The aim is to ensure that the complex systems, procedures, rules, regulations and protocols outlined above are developed as soon as possible in order to ensure that, once the legislation is passed, the Authority will be able to commence enforcement of the new regulatory regime at an early date.