MOU Addresses Real Estate Compliance Issues

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.