‘We have issued all FFC’s where there is compliance’ maintains EAAB – No, says industry
The industry reacted with disbelief and surprise to the claim made last week by the new CEO of the Estate Agency Affairs Board (EAAB) that the regulator has issued all fidelity fund certificates (FFC’s) where there is compliance up to 15 January 2019.
New CEO Mamodupi Mohlala-Molaudzi mentioned the clearing of the FFC backlog in a briefing last Tuesday 26 February to the Portfolio Committee of Human Settlements in Cape Town. In her report Mohlala-Molaudzi told the committee that the past financial year had been a very difficult time for the EAAB as can be seen in the performance summary where the regulator had only performed in 15 out of 34 indicators, but she said improvements had been made. One of these was the alleged clearance of the backlog of fidelity fund certificates.
On social media platforms the news was met with disbelief by many agents who responded that either they themselves or others they know are still waiting for FFC’s. Property Professional also received letters from agents with the same claims.
Jan le Roux, CE of industry body Rebosa, said they were also surprised by the CEO’s claim as they were aware of numerous agents that were still awaiting their FFC’s.
When Property Professional asked if perhaps Mohlala-Molaudzi had been misinformed, Bongani Mlangeni, the spokesperson for the EAAB, denied that this was the case.
Mlangeni’s emailed comments were as follows: Our records indicate that we have issued all FFC’s where there is compliance with all the requirements for the issuance of an FFC – this is with respect to all new applications, renewals and amendments up to 15 January 2019.
Where there are issues or queries these have been communicated to the relevant agents or firms. Please note that we are now up-to-date on a 21 day turnaround time for new applications and amendments. With respect to renewals we are on a five day turnaround time.
Should there be a party which disputes this and have outstanding queries on FFC’s they should please email the CEO’s office directly on email@example.com.
Le Roux commented: “Mr Mlangeni has been misinformed. More than sixty of our members had their FFC’s issued between 18 and 28 February. The statement made was and is not factual. Unfortunately one must still keep in mind that all these agents still forfeit all commission earned between 1 January and date of issue“.
Mlangeni also indicated last Friday that Mohlala-Molaudzi would like to address the issue in a telephonic interview with Property Professional. While we are still waiting for this appointment to be confirmed, you are welcome to write if you have met all requirements for your 2019 FFC but are still waiting for it to be issued. Send emails to firstname.lastname@example.org
Related article: FFC backlog cleared says new EAAB CEO