To ask the Minister of Finance to detail (i) an update on the review of the operation and charging mechanisms of property management companies and letting agencies; (ii) what penalties are being considered; (iii) how the industry will be monitored and (iv) who will be responsible for such monitoring.

My Department conducted a detailed scoping report relating to the issue of shared property management including the operation of property management companies. That report explored the issue of service charges and outlined options as to how the industry could be regulated.

I have considered this work and accept that reform is desirable. I am engaging with my officials to determine what further progress can be made on the regulation of shared property matters.

The operation and charging mechanisms of letting agencies, including how they may be monitored is a matter for the Minister for Communities. I understand that there are no plans for regulation in this area at this time.