Real Estate Council of Alberta Given Top Marks in Third-Party Review of its Regulatory Performance
Calgary, Alberta – The results are in. An independent, third-party review of the Real Estate Council of Alberta’s (RECA) regulatory performance found that RECA is a high-performing regulator.
In November 2015, RECA engaged Field Law to conduct a third-party review of its regulatory performance as part of its commitment to ongoing performance improvement, and to help ensure continued fulfillment of its consumer protection mandate. A third-party review is a rigorous, in-depth assessment by an outside body, and Field Law is a leader in professional regulation and administrative law.
“Self-regulation is a privilege, not a right,” says Bob Myroniuk, executive director of RECA. “If we don’t maintain the trust and confidence of consumers, licensed real estate professionals, other stakeholders, and the Government of Alberta, as an effective regulatory body, we run the risk of losing that privilege. The results of this third-party review of our performance as a regulator are good news for consumers, for the industry, and for RECA itself.”
The report’s findings include that:
- RECA is a high performing regulator meeting or exceeding almost all the Assessment Criteria in the five program areas that were the subject of the independent review
- RECA has a serious commitment to best practices in self-regulation; it has actively embraced the concept of “right-touch regulation,” and is committed to continuous development and improvement
- RECA is active in ensuring that standards of conduct are up to date, and that the standards prioritize the interests of the public and consumers
- RECA provides significant guidance to help licensees apply RECA’s standards of competence and conduct
- RECA’s licensing and registration processes protect the public interest while also being fair and impartial to applicants
- RECA’s complaint handling processes protect the public interest but are also fair to industry professionals
- RECA’s hearing process is transparent, timely, fair, proportionate, and focused on public protection
- RECA’s Trust Assurance and Practice Review process is consistent with Regulatory Principles and meets or exceeds the Standards of Good Regulation
- RECA is transparent, communicates effectively, and appropriately involves public appointees and other public stakeholders in its work
The review also resulted in more than 30 recommendations. Council reviewed the report in its entirety at its April meeting, and has accepted all of the recommendations in principle, some of which are already underway.
“Council was extremely pleased at the results of this third-party performance review,” says Krista Bolton, Council Chair. “That being said, we remain committed to ongoing performance improvement and we’ve directed RECA administration to begin implementing the majority of the recommendations immediately. The remaining recommendations will be incorporated as action items within Council’s 2016-2020 Business Plan.
“We’ve also directed Administration to share the report in its entirety with all stakeholders,” adds Bolton. “This is part of our commitment to being a transparent and accountable regulator.”
To read the complete Regulatory Performance Review of the Real Estate Council of Alberta report, click here. The Regulatory Performance Review Assessment Criteria document related to this report is available by clicking here.
The Real Estate Council of Alberta (RECA) is an independent, non-government agency, responsible for governing real estate, mortgage broker, property management, and real estate appraisal industry professionals under Alberta’s Real Estate Act. RECA’s mandate is to protect consumers and to provide services that enhance and improve the industry and the business of industry professionals.