What is NPSRA?
What is The Property Services Regulatory Authority?
The decision by Government to establish the Authority was on foot of a recommendation by the Auctioneering/Estate Agency Review Group established by the Minister for Justice and Law Reform to carry out a review of all aspects of the auctioneering industry in Ireland. A significant finding of the Review Group was that the existing statutory framework for the industry is outdated, inappropriate and inadequate for the present day market and does not provide any ongoing official supervisory, disciplinary or consumer redress system.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 underpin a new regulatory framework in the sector. The Authority is aiming to achieve uniformity and transparency in licensing, regulation and provision of information to the public.
Once the new Authority has been established on a statutory basis, its main functions will be 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.