PSRA issue revised application forms for licence renewals

Apr 12, 2018

On 9th April 2018 the Property Services Regulatory Authority (PSRA) issued revised application forms for licence renewal applications (PSRA/S35 – Renewal ABC where client accounts are held and PSRA/S35 - Renewal D where service charges and/or sinking fund contributions are paid into a "relevant account”) in accordance with the Property Services (Regulation) Act 2011 (Client Moneys) Regulations 2012 (“the Regulations”).  These new renewal forms replace the 2017 versions and should be used in making 2018 applications for renewals.

The Licence renewal application now consists of two separate parts. 

Part I, Accountant's Reports is to be completed by the reporting accountant.  The licensee’s role is to provide any documents requested by the accountant and to comply with the accountant’s requests for documents and/or explanations relating to the accounting records.  As in previous years the accountant reports to the PSRA on the client account balancing statement at the year end.  During the course of their work the accountant may identify breaches of the regulations which fall to be reported to the PSRA in Appendix 1 Appendix 2 or Appendix 3B of their report.

Part II, Licensee Submission is to be completed by the licensee.  Section 1 of Part II contains details of the person(s) listed on the bank mandate.  Where breaches of the regulations have been identified and reported by the accountant in Part 1, Section 2 of Part II Licensee Submission details procedures that have been/will be put in place by the licensee to address these breaches. 

Scope of the accountant’s report

Members should note that Part II is outside the scope of the opinion provided by the accountant.  The accountant does not perform any work in relation to procedures identified by the licensee to address reported breaches and does not provide any assurance that those procedures are either appropriate to address the breaches or are properly implemented by the licensee.  If a member is requested by the client to assist in identifying or implementing procedures, such work is undertaken as a separate engagement with separate engagement terms.

The updated forms are available on the PSRA’s website: