So now we have officially launched and enabled by regulation during the last couple of months, (April and May 2012), the new(ish)(since it’s been around for about 5 years or so without any formal acts or legislation in place) Property Services Regulatory Authority.
It’s another quango of to be useless government regulation, excess.
Right now as a holder of an auctioneers licence myself I must question whether to continue in the business.
Charges are steep,
1000 Euro annual licence fee!
200 Euro Compensation Fund contribution
Say 200 Euros for Accountants Letter
Say 600 Euros for Professional indemnity insurance (which you’ve got to wonder why this is needed if there is a Compensation Fund being put in place???)
That’s a starting cost of 2000 Euros just to begin.
I really can’t justify the 1000 Euro yearly cost of licence fee or both of the compensation fund/professional indemnity. Looks like the financial boys getting their cut out of the nation again. All dutifully scripted by the powers that be and enacted by their Minister and TD housboys and housegirls.
I was a bit angry when I spoke to the lad there who answered the phone. Just a dutiful civil or public servant.
We surely are a nation of fools with this most useless of legislations.
No regulation would surely be the best way forward here and make sure that there is some citizen’s information avaiable to ensure that people are aware of their own responsibitities.
So Another quango but SOR (Same Old Rules)…
Mods, please if this posting may be allowed to remain in this forum as it is a true example of bad governance and is not just me picking a personal issue.
As a member of the Institute of Chartered Accounts Ireland, I pay about 500 a year. I don’t practice, I’m just an employee in a multinational. For that I get the privilege of calling myself a chartered accountant and I have to do Cpd too. I think all of my money goes towards doing spot checks of cpd, regulating the profession, issuing standards/guidance in relation to Ireland and auditing the auditors.
2k for a practioner seems to be good value, that is if you are getting all of the above.
The Chartered Accountants Regulatory Board were due to conduct an interview around April of 2011 with Sean FitzPatrick in regard to issues associated to transactions at Anglo. This was more than 2 years after the nationalization of that bank.
2 years! So much for oversight. Any spot checks along the way!
Regulation of this nature, either private or public is irrelevant.
The best regulation is the pure market.
Note that the DPP intervened to prevent this interview going ahead. tv3.ie/article.php?article_i … &pagename=
I agree that Seanie Fitz and Drumm should have been called up by now, but the DPP has written to the CARB three times at least to request that they don’t interview him. At least they are trying, albeit badly. I don’t know the ins and outs of the E&Y, other than as an ex auditor it would be difficult to prosecute unless there is a smoking gun somewhere. And this is Ireland remember… I believe that E&Y let go anyone who touched the Anglo files following the collapse of the bank, but thats only word of mouth.
But I also know that audit firm partners get their files checked by outside regulators on a sample basis. Do Auctioneers have regular audits of their business for proper conduct? I know that there is a complaints process for members of the public. Chartered accountants get disbarred regularly and this is publicated in monthly magazine. I am sure much of this is stable door shutting but still. Is there a similar process for auctioneers? I think many here would be interested if so.
There is a difference between self regulation and a police force. If there is some sense of integrity about self regulation than it is better than nothing, and should bring about a greater sense of integrity to the profession
That seems extraordinarily steep for a small auctioneer. I would have thought they would tier it, so a one-man-band pays €100 and a big auction house pays 5k. For example, ComReg charges based on turnover.