9. DAVE HEREORA (Labour) Link to this
to the Associate Minister of Justice
What reports has he received on measures to reform the real estate industry?
Hon CLAYTON COSGROVE (Associate Minister of Justice) Link to this
I have received a number of reports seeking reform of the real estate industry. That is why today I have announced decisions to totally overhaul the industry, with new consumer protection measures and an independent complaints body. I note Sue Chetwin, chief executive officer of the Consumers Institute of New Zealand, said today on radio in response to the announcement: “An independent body looking at complaints about real estate agents is long overdue. We think the compensation for consumers is fantastic, and we’ve never really had that before. The public access to decisions in the disciplining and censuring of real estate agents is really good news for consumers as well.”
Hon CLAYTON COSGROVE Link to this
The reforms announced today will deliver on the Government’s promise to bring accountability and transparency to the real estate sector by removing regulatory functions from the Real Estate Institute of New Zealand, creating an independent real estate agents authority and a disciplinary tribunal to oversee licensing complaints and disciplinary and enforcement processes, and provide information for consumers. These bodies will have wide-ranging investigative powers and will be able to order a wide range of penalties and remedies, including the suspension and cancellation of licenses, and the ability to render heavy fines and award compensation. In essence, these reforms will restore the confidence of consumers and support good, honest real estate professionals.