The Property Services Regulatory Authority (PSRA) today published the Register of Licensed Property Services Providers.
The Register includes information on all Property Services Providers (i.e. Auctioneers/Estate Agents, Letting Agents and Management Agents) licensed by the Authority to date.
The Register may be accessed on
www.psr.ie
A new licensing regime for Property Services Providers was introduced, under the Property Services (Regulation) Act 2011, with effect from 6th July 2012. Since then the PSRA has received 5,590 licence applications. All applications received to date have been examined in detail by the Authority which has:-
·informed 4,013 applicants of its proposal to grant a licence,
·refused licences to 145 applicants,
·issued "final" notices to 641 applicants informing them of its intention to refuse a licence unless certain requirements are met within a specified period, and
·sought additional information from 791 applicants to enable it to fully assess their applications.
When notifying applicants of its proposal to grant a licence the Authority requests that each applicant make a payment to the Property Services Compensation Fund and furnish, where appropriate, a copy of their Professional Indemnity Insurance. Once these conditions have been met a licence is issued and the licensee is entered in the Register. The number of Licensed Property Services Providers currently on the Register is 3,246.
The particulars published in the Register include:
· the Name, Address and Licence Number of the Property Services Provider,
· the Class of Property Services Provider (i.e. Company, Partnership, Sole Trader/Independent Contractor or Principal/Employee),
· the Description of Property Service which the Property Services Provider is Licensed to Provide (i.e. [A] Auction of Property other than Land, [B] Purchase or Sale, by whatever means, of Land, [C] Letting of Land and [D] Property management Services), and
· the Expiry Date of the Licence.
As new licences are granted the licensees will be entered on the Register and it will be updated each week.
Following today’s launch the Minister for Justice, Equality and Defence, Alan Shatter TD, said, "The publication today of this Register of Licensed Property Services Providers is another step in bringing greater transparency to the property services industry. The purpose of this new Register is to enable members of the public to make informed decisions when choosing a Property Services Provider to either sell, let or manage properties on their behalf. Consumers will now be able to easily make contact with licensed services providers operating in their vicinity with assurance that the service provider they choose is subject to strict regulation by the PSRA".
The Chairperson of the Property Services Regulatory Authority, Ms Geraldine Clarke, said, "Entry in the Register means that the service provider meets certain qualification standards and is subject to the complaints and redress system administered by the PSRA. It also means that consumers using such service providers are protected both by the Property Services Compensation Fund, which is administered by the PSRA, and Professional Indemnity Insurance, which each licensed Agent is required to hold.
The publication of the Register will eliminate all of those "unqualified" persons who have operated freely in the market in the past and I believe will help build the public’s confidence in the industry.
Once again I would like to say that the Authority will continue to play its part in ensuring that it provides the highest protection for consumers and that the highest standards are maintained in the industry."
13 March 2013
ENDS
Note for Editors:
The Minister for Justice and Equality, by order under the Property Services (Regulation) Act 2011, established the Authority on a statutory basis on 3 April 2012.
The Authority was established to control and regulate Property Services Providers (i.e. Auctioneers/Estate Agents, Letting Agents and Management Agents). Its main functions are:
· To control, supervise and regulate Property Services Providers;
· To operate a comprehensive licensing system covering all Property Services Providers;
· To set and enforce:-
o standards for the grant of licences to Property Services Providers (e.g. educational/training standards; levels of professional indemnity insurance), and
o standards to be observed in the provision of property services by Property Services Providers (e.g. technical standards; appropriate ethical standards);
· To establish and administer a system of investigation and adjudication of complaints against Property Services Providers;
· To conduct audits and inspections of Property Services Providers as part of the general compliance and enforcement function;
· To enforce the legislation through the imposition of sanctions (which include fines of up to €250,000 and licence revocation) and initiating court prosecutions as appropriate;
· To promote 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;
· To establish, maintain and administer a Compensation Fund to compensate parties who lose money as a direct consequence of the dishonesty of a licensed Property Services Provider;
· To establish and maintain a Public Register of Property Sales Prices;
· To establish and maintain a Commercial Leases Database;
To establish and maintain a Public Register of Licensed Property Services Providers;· To produce and enforce Codes of Practice for Property Services Providers;
Since its establishment the Authority has put in place a new licensing system for Property Services Providers. With effect from 6th July 2012 all service providers must be licensed by the Authority and must meet new requirements including:
· minimum qualification requirements,
· professional indemnity insurance,
· be tax compliant and
· contribute to a compensation fund.
The Licence Fee is as follows: Cost for a Property Services Employer (Company, Partnership or Sole Trader) is €1,000 p.a. Cost for an Employee is €100 p.a.
The Compensation Fund Contribution is as follows: Cost for a Property Services Employer (Company, Partnership or Sole Trader) is €200 p.a. Cost for an Employee is €50 p.a.
Today the new Property Services Register was launched. The Register has been produced by the Authority under section 29 of the Property Services (Regulation) Act 2011. Every individual on the Register has been issued with an ID Card which shows the details of the licence granted.
The Authority’s Chief Executive, Mr Tom Lynch, is available to answer any queries and may be contacted at: 087- 9183042 (Chief Executive)