LICENCES FOR HOUSING AGENTS

LICENCES FOR HOUSING AGENTS:

(Regulation and issuance): 12.

Mr Lim Biow Chuan asked the Minister for Finance whether the Ministry has plans to regulate and issue licences to individual housing agents.

Mrs Lim Hwee Hua (for the Minister for Finance): Sir, the Government notes that the current state of the industry is not satisfactory. Indeed, there have been frequent complaints against unscrupulous housing agents. The relevant Government agencies, including MND/HDB and MOF/IRAS, are reviewing possible ways of strengthening the regulatory framework and raising overall professional standards.

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Amongst other things, there is a need for greater control by the housing agencies over the conduct of their agents. The review will cover areas such as qualifications and training requirements, a dispute resolution mechanism and an enforcement framework against agencies with errant agents. The Government will announce details when the review is completed.

Mr Lim Biow Chuan: Sir, currently, any housing agent can quit from one real estate agency to join another agency. And even if that agent is sacked by one agency for misconduct, he can still join another agency. How does the Ministry intend to deal with such rogue agents who behave in an unethical manner and in breach of their fiduciary duties to their clients? Would it not be better for the Ministry to consider issuing licences to individual housing agents instead of trying to regulate them through the real estate agencies?

Mrs Lim Hwee Hua: Sir, I would agree with the Member that there are many areas that the review would have to take into account, such as the ethical and performance standards – as he has described – as well as the mode of licensing. These will be the very issues that the review would cover.

2.29 pm

Mr Speaker: Order. End of Question time.