The Property Practitioners Regulatory Authority (PPRA) has announced a significant update regarding the renewal of Fidelity Fund Certificates (FFCs) and the handling of historical penalties: As stipulated in Regulation 15.4 of the Property Practitioners Act, it remains mandatory for all property practitioners to formally notify the PPRA in writing if they decide not to renew their FFCs.

Historically, failing to notify the PPRA and discontinuing practice without formal communication resulted in penalties for those returning to the industry. However, effective from June 20, 2024, the PPRA will no longer impose penalties on practitioners who did not engage in property dealings during their period of non-renewal.

Practitioners wishing to return to the industry will need to submit an affidavit, available through this link, confirming their absence from the sector along with supporting documentation.

This policy revision is designed to alleviate undue burdens on professionals re-entering the market, ensuring a smoother transition and compliance with regulatory standards. Property practitioners still operating without renewed FFCs by the annual deadline of 31 October will continue to face penalties, maintaining the integrity and professional standards of the industry.

For more details on the process and to access the necessary forms, please refer to the PPRA’s official guidelines. This change reflects the PPRA’s commitment to fair regulatory practices and supports property practitioners in maintaining compliance with ease.

This article is provided for informative purposes only and does not constitute legal advice. Property practitioners are advised to consult the PPRA directly or seek legal counsel to understand how these changes may specifically affect their business operations. PropAcademy is not responsible for any errors or omissions, or for the results obtained from the use of this information.