Five marts were found to be non-compliant with Property Services Regulatory Authority (PSRA) regulations following inspection in 2021, according to the PSRA annual report.

All marts and auctioneers need a licence registered with the PSRA in order to operate.

In 2021, 10 audits were carried out on marts. Of these, five were found to be compliant, and five non-compliant.

Breaches occurred where client monies were lodged into an account which was not the client account, where non-client monies were lodged to a client account and where personal or office expenditure was discharged from a client account.

Unlicensed activity

Two marts were found to be engaging in unlicensed activity in 2021.

One business subsequently became licensed by the PSRA, and the second ceased providing property services, a spokesperson from the authority said.

Of the 243 complaints which the PSRA dealt with in 2021, two related to marts.

The first related to concerns regarding the handling of client monies; it was later withdrawn by the complainant.

The second related to the dispute over the ownership of cattle sold in the mart and a resulting delay in payment, however, no improper conduct was found in this investigation.