Wednesday 21 March 2018

Training required if groups merge

Over 20pc of the 1,428 members in the Irish Auctioneers and Valuers Institute (IAVI) will need to undertake further education should they wish to become chartered members of the Society of Chartered Surveyors Ireland (SCSI), the new organisation which is expected to result from the proposed merger of IAVI with the SCS.

In all, about 330 IAVI members could need the further training and an additional 121 members would need a final assessment interview to become chartered.

More than 280 associate members of IAVI will be admitted as non-chartered members of SCSI.

As many as 330 current members of both organisations stand to save on the absence of annual IAVI membership fees should the merger be approved.

Full membership fees of the new organisation will range from €496.20 to €711.74 per annum.

IAVI's compensation fund is expected to continue at least until 2012 to protect deposits of clients of member firms where those deposits are not covered by the new Property Services Regulatory Authority Compensation Fund, which is expected to come into force after the passing of the new PRSA law this year.

Thereafter the IAVI fund's assets would be ring-fenced for educational and research functions.

The fund paid around €110,000 last year and a further €30,000 may follow at some stage, depending on whether deals close.

One member firm was responsible for these defaults and the individual member in the firm was expelled.

A spokesperson for IAVI said: "Had the firm not been an IAVI member only €12,700 would have been available in total to protect client funds under current legislation. The IAVI Voluntary Fund offers protection of up to 15 times the statutory bond of €12,700 per member firm and up to five times the bond per claim within that."

Irish Independent

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