Dáil Éireann - Volume 608 - 25 October, 2005
Written Answers. - Property Management Services.
Ms C. Murphy Ms C. Murphy
460. Ms C. Murphy asked the Minister for Justice, Equality and Law Reform if he will introduce legislation to govern the operation of estate management companies; and if he will make a statement on the matter. [30467/05]
Mr. McDowell Mr. McDowell
Mr. McDowell:I published the report of the auctioneering — estate agency review group on Tuesday, 18 October 2005 and, at the same time, I announced that the Government had approved the establishment of the national property services regulatory authority, one of the key recommendations in the report.
A further key recommendation is that the new authority should assume responsibility for the licensing and regulation of all trading entities providing auctioneering, estate agency, property letting and property management services. Property management agencies are not regulated. The report recommends a specific class of licence for property management agencies, that they contribute to an approved fidelity fund and are made subject to oversight by the authority and to its vetting and complaints procedures.
The new authority is being established on an interim basis pending the enactment of the necessary statutory framework. It will be based in Navan and I anticipate that it will be operating early in 2006.
Dáil Éireann 608 Written Answers. Property Management Services.