The Property Services Regulatory Authority (PSRA) maintains a "Property Services Compensation Fund" paid for by the licensed Property Services Providers (licensees) and operated in accordance with sections 77 and 78 of the Property Services Regulation Act 2011 (hereinafter referred to as “the 2011 Act”).
The purpose of the Compensation Fund is to provide compensation to clients of licensees who have sustained a loss as a result of the dishonesty of a licensee. The licensee must have had a valid licence at the time the property service was provided. Dishonesty, within the meaning of the 2011 Act, does not equate to losses suffered as a consequence of the negligence or incompetence of a licensee. Any such losses should properly be addressed to the licensee’s professional indemnity insurance policy.
*Please note that a compensation claim form is a sworn document, provided under oath. In making an application for a grant from the Fund, the applicant is formally declaring that the contents of the application for a grant are true and swears in the presence of a Solicitor or Commissioner for Oaths that:
A) a licensee of the Authority was providing him/her with a property service
B) during the provision of this property service the licensee dishonestly deprived them of a defined amount of money or caused a quantifiable loss and
C) this is the definitive amount of money that was dishonestly taken/loss caused and is now owed/owing to them as a result of the licensee’s dishonesty.
Further Information on Compensation Fund