Latest news with #PropertyServicesRegulatoryAuthority
Irish Times
6 days ago
- Business
- Irish Times
Estate agent pays €10,000 penalty for using deposit funds given to him by client
A Co Wicklow estate agent has had to pay a €10,000 penalty for using deposit funds, given to him for the purchase of land, before the sale was finalised. Gabriel Dooley, of Dooleys Estate Agents in Greystones, had been given €50,000 by a company to purchase land, but the sale never concluded. The liquidator of the company later secured a High Court order for Mr Dooley to refund the booking deposit, but he refused to do so. Following this the liquidator made a complaint to the Property Services Regulatory Authority , the body responsible for licensing and regulating the property services sector. READ MORE A full investigation was carried out, with the PRSA making one finding of improper conduct against Mr Dooley for breaching regulation six of the Property Services (Regulation) Act 2011 (Client Moneys) Regulations 2012. This was due to Mr Dooley withdrawing money from the €50,000 booking deposit, which was held in his client bank account, before contracts for the sale of the land being signed or finalised. The board of the PRSA imposed a sanction on Mr Dooley for this breach, amounting to a financial penalty of €10,000. The High Court confirmed the decision on Monday. Mr Dooley paid this fine to the PRSA before the confirmation order. Under the Property Services Regulation Act 2011, following a complaint the PRSA can appoint an investigator who seeks relevant documentation and evidence from an agent and drafts a report which then goes to the board of the PRSA for a final decision. If improper conduct has been found, a number of sanctions can be imposed varying from a minor sanction, such as a caution, to a major one like the suspension of the agent's licence or a financial penalty of up to €250,000.
Irish Times
30-06-2025
- Business
- Irish Times
One major sanction imposed after more than 270 complaints against property agents
Over 270 complaints were processed against property agents including auctioneers, estate and letting agents and property management agents in 2024, according to the regulator. However, only one of 274 complaints concluded had resulted in a major sanction, according to the Property Services Regulatory Authority (PSRA) . The statutory body responsible for licensing and regulating property services in the State published its annual report on Monday. A complaint in 2023 relating to a property agent misappropriating client funds led to a major sanction prohibiting the agent from applying for a new licence for six months. READ MORE Sixty per cent of the 274 complaints lodged last year were concluded without the need to appoint a PSRA investigator after an initial assessment; 6.5 per cent were ultimately withdrawn; and 4.3 per cent remained under review at the end of 2024. Of 68 complaints requiring investigation, 55 instances of improper conduct were found, while 12 showed no improper conduct. Eighteen cases held up 'a combination of breaches'. [ Agent who allegedly let out 17 overcrowded properties to migrants disputes claims against him Opens in new window ] Most complaints related to a client being dissatisfied with the service the property agent provided. Others included bidding issues, the retention of money by a property service provider, and ethical conduct. The 2024 figures represent a slight drop in the number of complaints filed in the year previous (281), which itself was an increase on 2022's figure of 205 complaints. The PSRA also conducted 406 anti-money laundering audits last year, in which 89 per cent of businesses were found to be compliant. Areas of noncompliance were identified in 45 businesses, most often for failure to conduct adequate business and client risk assessments and customer due diligence. PSRA chairman Michael Quinlan said the authority maintains 'an ongoing commitment and proactive approach to the safeguarding of consumer protection and to maintaining oversight and professionalism in the property services sector'.
Irish Independent
24-06-2025
- Business
- Irish Independent
Blacklist of bad payers discussed by marts
Concerns were raised at a new Mart Forum over the levels of credit being given to some customers, while marts were encouraged to transition to using Electronic Funds Transfers and discontinue cheques A database of bad payers at marts was mooted at a recent meeting of mart managers and their regulator amid concerns over the levels of credit being given to some customers at marts. The suggestion was made at a new Mart Forum, which was established by the Property Services Regulatory Authority (PSRA) following the completion of compliance audits on marts, in which concerns were raised around 'mart culture'.
