JOINT PRESS RELEASE: MOU Addresses Real Estate Compliance Issues

FNPF CEO Mr. Jaoji Koroi and REALB Acting CEO Ms. Virisila Tuimanu

A partnership between the Fiji National Provident Fund (FNPF) and the Real Estate Agents Licensing Board (REALB) was formalized today with the signing of a Memorandum of Understanding (MoU).

The MoU was signed by the Chief Executive Officer of FNPF, Mr Jaoji Koroi and Acting CEO of the REALB, Ms Virisila Tuimanu.

The MoU establishes a commitment from FNPF and REALB to address ongoing compliance issues pertaining to the real estate industry. 

FNPF Chief Executive Officer Jaoji Koroi said there was a general lack of compliance amongst real estate companies, even though the FNPF Act 2011 is clear on the income that were FNPF deductible. 

“This partnership will address these compliance issues which have existed ever since the FNPF Act was passed in November 2011.”

“The law is applicable to everyone and these companies’ ignorance of the law is not an excuse for noncompliance.”

The MOU allows FNPF to access information of members involved in the real estate company’s dealings.

“These companies cannot continue to claim that they are unaware of their responsibilities because there has been a lot of awareness on this issue.”

“If there are difficulties they are facing, then they can talk to our Contributions, Collections and Compliance teams to work out a solution.”

The Real Estate Agent’s Licensing Board is aware of the various statutory obligations the real estate agents will have to comply with in the carrying out of their business activities. FNPF compliance is an important part of these various obligations. REALB will work closely with FNPF to address compliance on the part of agents and salespersons.

The MOU is effective from Wednesday 8 August 2018.