NPSRA Regulation Still in the Pipeline
The Authority was set up on foot of a recommendation by the Auctioneering/Estate Agency Review Group. A significant finding was that the existing statutory framework for the industry is outdated, inappropriate and inadequate for the present day market and does not provide any ongoing official supervisory, disciplinary or consumer redress system.
To address these shortcomings, the Review Group recommended the establishment of a Regulatory Authority to achieve uniformity and transparency in licensing, regulation and provision of information to the public in relation to the property sector.
The Authority’s functions are to:
· operate a comprehensive licensing system covering all providers of property services;
· set and enforce standards for the grant of licences and provision of services;
· establish a system of investigation and adjudication of complaints;
· promote increased consumer protection and public awareness;
· establish a Compensation Fund to compensate parties who lose money as a consequence of the dishonesty of a licensee.
Essentially, if you intend to sell or promote property of any description in Ireland you need to register with the NPSRA. Equally, if you have a complaint against anyone operating in the property sector in Ireland (even if they are selling overseas property) then the NPSRA should be your first port of call.
The National Property Services Regulatory Authority (NPSRA) can be contacted at +353 (0)46 9033 800, by visiting www.npsra.ie
or in person at its offices in Navan –
Property Services Regulatory Authority, Abbey Buildings, Abbey Road, Navan, Co Meath.