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New intervention to expedite Fidelity Fund Certificate (FFC queries)

Media Release
19 March 2020

New intervention to expedite Fidelity Fund Certificate (FFC queries)

JOHANNESBURG – The Estate Agency Affairs Board (EAAB) is introducing a new measure to help fast-track Fidelity Fund Certificate (FFC) queries.

As of 16 April 2020 when the EAAB offices re-open, estate agents with outstanding FFC queries will be able to liaise with a dedicated team at the EAAB’s Sandton, Johannesburg offices.

The latest intervention entails estate agents and firms being serviced on every alternative Thursday by way of a walk-in system.

A schedule of the dates will be published on the EAAB website and all affected estate agents are encouraged to utilise this service to expedite outstanding issues.  It will operate on a first-come, first-served basis.  These include issuance of FFC’s, new applications, blocked FFC’s due to non-or late payment and change of employment details.

In terms of the Estate Agency Affairs Act all registered estate agents are required to be in possession of a valid FFC to be able to trade.

Estate agents are urged to provide all supporting documents to fast-track the process, including proof of payment, any reference numbers, and a certified copy of their ID and letters confirming employment in respect of new applications.

EAAB CEO Ms. Mamodupi Mohlala said the FFC team will endeavour to resolve all queries within 48 hours of it being logged with the team.

The walk-in system will for the next two months be operational in Gauteng only, followed by Cape Town, but estate agents from other provinces can email the existing ffc.complaints@eaab.org.za with their queries.  The service will however be extended to other provinces depending on the demand.  It will run until December 2020.

An updated database with all FFC’s issued to registered estate agents will be published on the EAAB website every Friday, commencing on Friday 24 April.

Ms Mohlala said the current measure is the third intervention implemented by the regulator to help resolve FFC matters and to ensure that all estate agents can continue with meaningful trade.

The EAAB offices are located at 63 Wierda Road East, Wierda Valley, Sandton, Johannesburg.

ENDS//...

About the EAAB

The Estate Agency Affairs Board (EAAB) was established in 1976 in terms of the Estate Agency Affairs Act 112 of 1976 (‘the Act”), with the mandate to regulate and control certain activities of estate agents in the public interest. The EAAB regulates the estate agency profession through ensuring that all persons carrying out the activities of an estate agent as a service to the public are registered with the EAAB. A Fidelity Fund Certificate, which is to be renewed each year is issued as evidence of such registration and confirmation that such person is legally entitled to carry out the activities of an estate agent. The Estate Agency Affairs Board (EAAB), which has been reporting to the Minister of Trade and industry since 1976, was transferred to the Department of Human Settlements on 17 May 2012 by Proclamation of the President of the Republic of South Africa.    

About the Property Practitioners Act

In October 2019, The Property Practitioners Act of 2019 was signed into law by President Cyril Ramaphosa. The Act repeals the Estate Agency Affairs Act and is aimed at improving the functioning of the property market, ensuring professional standards which includes regulating the buying, selling and renting of land and buildings and puts in place comprehensive monitoring mechanisms.



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