SUPERINTENDENT OF REAL ESTATE RELEASES REPORT ON ALLEGATIONS AGAINST SREC

Today, Saskatchewan's Superintendent of Real Estate Jim Hall released a report by Meyers Norris Penny (MNP) investigating a number of allegations made against the Saskatchewan Real Estate Commission (SREC).

The Superintendent of Real Estate engaged MNP to conduct a forensic review of allegations raised by a former SREC employee. The allegations included questions about how the SREC handled its funds, tracked expenditures, maintained its records, dealt with staff issues and conducted investigations.

The report did not find any evidence of misappropriation of funds or other wrongdoing by the SREC as alleged. However, the report identified some opportunities for the SREC to improve its operations.

According to the report, several of these recommendations are already in the process of being implemented by the Commission. The Executive Director indicated that all of the above recommendations will be approved and in place prior to the approval of the new budget in May of 2012.

"As Superintendent of Real Estate, I am pleased with the thoroughness of the MNP report in addressing each of the allegations and particularly with the recommendations it has made for improving the way the SREC carries out its responsibilities," Hall said. "I also am pleased the commission has responded so proactively to the report and look forward to seeing the improvements in place. I am confident that the public will be better served as a result. In general, the SREC has been doing a good job. It performs an important function in regulating the real estate industry and my office will work closely with the SREC as it implements the recommendations set out in the report."

The MNP Report is available in its entirety at http://www.sfsc.gov.sk.ca/MNP-Report.

About the Superintendent of Real Estate and Saskatchewan Financial Services Commission

The Superintendent of Real Estate is responsible for the general administration of The Real Estate Act and works with the SREC to regulate the real estate industry. The Superintendent carries out this role by approving all SREC bylaws and hearing appeals from SREC disciplinary decisions.

Saskatchewan Financial Services Commission (SFSC) protects consumer and public interests and supports economic well-being through responsive marketplace regulation. We protect Saskatchewan consumers by regulating financial products and service providers in an effective, efficient and balanced manner.

For more information on the SFSC and their regulatory responsibilities, please visit www.sfsc.gov.sk.ca.

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For more information, contact:

Jennifer Anderson
Saskatchewan Financial Services Commission
Regina
Phone: 306-798-4160
Email: jennifer.anderson2@gov.sk.ca