The well-protected public
The OACIQ reacts to the report of La facture
The Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) is aware of the report broadcast in La facture on February 2, 2016.
As the public protection is at the heart of our mission, we acknowledge that the situations experienced by the two individuals mentioned in the report are regrettable.
In good faith, we agreed to take part in the report because we deemed it important to inform members of the public about all protection mechanisms they benefit from when dealing with a real estate or mortgage broker. This being said, note that only a tiny portion of the interview given by the OACIQ has been retained by La facture, depending on the angle they chose to address and for which we have no control.
As the Fonds d’assurance responsabilité professionnelle du courtage immobilier du Québec (FARCIQ) was targeted by the report, it is important to remember that it ensures the availability of funds to compensate the public for damage resulting from a broker’s error. Indeed, the FARCIQ compensated the public for more than $1 million in 2015. The FARCIQ is therefore an essential protection measure in the image of all protections implemented by the OACIQ.
The insurance policy provides for the possibility for a broker to present his or her defence arguments. It is reassuring for members of the public to know that amounts of money will always be available to cover the damage if an amicable settlement is reached or if a court rules in their favour. In fact, it’s the brokers themselves who contribute to the Insurance Fund to compensate clients in these rare cases. The situations described in the report are only exceptions out of 70,000 transactions carried out each year with a broker in Québec.
To conclude, to ensure continued improvement, the OACIQ has already made and will reiterate its representations with the authorities concerned regarding professional liability insurance. As always, it’s in an open and committed manner that we will continue putting the public at the heart of our concerns by properly overseeing brokers.