PPRA reminds practitioners of trust account exemption process

The Property Practitioners Regulatory Authority (PPRA) has reminded property practitioners that the Property Practitioners Act contains a formal process for applying for exemptions from certain provisions of the Act and Regulations – including exemption from holding their own trust accounts in certain circumstances.  

This reminder may be particularly relevant to property practitioners who make use of specialist payment processing arrangements and believe they may qualify for an exemption from the requirement to operate their own trust account.

While the Act makes provision for such exemptions in certain circumstances, practitioners must still follow the prescribed process and obtain approval from the PPRA. Applications are considered by the PPRA and are subject to prescribed requirements and approval criteria.
An exemption should therefore not be assumed to apply automatically simply because a particular operating model is being used.

A number of PayProp clients have successfully completed the exemption process and have subsequently met their reporting obligations under the alternative framework applicable to exempted practitioners. This highlights the importance of understanding the available regulatory options and ensuring that the correct procedures are followed.

For more information about the trust account exemption process and the support available to PayProp clients, please read our blog article or contact support@payprop.co.za.