Have the role of the Property Services Regulatory Authority to encompass a supervisory role for management owner companies been reviewed

QUESTION

To ask the Minister for Justice and Equality if he has reviewed the role of the Property Services Regulatory Authority to encompass a supervisory role for management owner companies; and if he will make a statement on the matter.

REPLY

The Property Services Regulatory Authority (PSRA) was established on 3 April 2012 under the Property Services (Regulation) Act 2011 to regulate, control and supervise property service providers (i.e. auctioneers/estate agents, letting agents and property management agents) and to establish and enforce standards within the property services industry.

The statutory basis for property management companies in multi-unit developments (generally known as owners' management companies and which comprise the owners of units in the development) is provided under the Multi-Unit Development Act 2011. In general such companies are registered under the Companies Acts and are subject to company law.

The PSRA has no statutory function under the Multi-Unit Development Act 2011. This is appropriate since owners' management companies do not provide property services.

Nevertheless, complaints concerning the provision of services to owners' management companies by licensed property management agents may be referred to the PSRA. The statutory functions of the Authority include the investigation of such complaints and the imposition of sanctions where appropriate.

As outlined above, owners' management companies are not property service providers as defined in the Property Services (Regulation) Act 2011 and I have no plans to review the Act in this regard.