Tom Lynch retires as regulatory authority outsources functions

Property services regulator Tom Lynch will hang up his boots for the last time tomorrow as he retires from his role as chief executive of the Property Services Regulatory Authority.

Following the property debacle of the Celtic Tiger years the regulatory body was set up under the Property Services 2011 Act, and Lynch and his Navan-based team became responsible for the licensing and regulation of the property industry in the Republic.

The architect of the authority in his role as chief executive designate, Lynch has been head of the authority since its inception in 2012.

The search for his replacement is already under way, with the closing date for applications having passed in mid-June.

Lynch says the successful candidate will be joining an exceptionally busy team of 14 full-time staff. Help is on the way however, as the authority is about to outsource some of its investigations and audit function. Following a tendering process, three applicants are currently in with a shout to win the contract, which is valued at up to €600,000 annually.

The successful tender will be warranted by the authority to assist in the investigation of some 300 annual complaints and the auditing of the 2,000 property companies currently on its books.

The audits – mainly of estate agents – take place about once every four years and involve inspection of licenses, how client money is handled, contracts with clients and the way properties are presented for sale.

Soon it will all be a dim and distant memory for Lynch, however, as he plans to embark on a tour of Europe.