07 Oct Who regulates the Property Services Sector?
Property & Facilities Management in the Republic of Ireland must be conducted in accordance with Irish law.
Regulation applies to all members of the Society of Chartered Surveyors Ireland (SCSI) and it covers those matters for which individual members are responsible and accountable in their professional lives. The Society, through its professional groups, and in conjunction with RICS, the world governing body, develops professional standards, guidance and information to ensure that it meets its core objective of protecting the public interest.
The Society of Chartered Surveyors Ireland monitors, guides and assists members to comply with rules, regulations and ethical standards. SCSI reviews and investigates complaints received about members and, where appropriate, takes disciplinary action in cases where members fall short of the standards expected of them. This process is overseen by a committee composed of members and a majority of independent non-members and ensures the delivery of a fair regulatory process.
- We are required to hold a policy of Professional Indemnity on an annual basis.
- We are required to complete Continuing Professional Development hours.
- We are required to meet the RICS Red Book standard for Valuation Services.
Furthermore, there is a requirement to be regulated by the newly appointed Property Services Regulator in Ireland which is a statutory authority with responsibility for the regulation of Property Service Providers. See npsra.ie
The Property Regulator is currently in the process (May 2012) of compiling information for the regulation of Property Managers and it is expected to have this finalised by July 2012.
We will be required to pay into a compensation fund for consumer protection.
If you would like further details on regulation and protection for you, please do not hesitate to contact us.