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Contacted by the watchdog 12 times, the real estate agency still failed to provide proof that its trust fund had been audited.
Victoria’s consumer affairs agency has commenced action against inner-city Melbourne agency Charter Lane and its officer in effective control, Hakan Ali, a Greenvale resident, due to trust fund failings.
According to the government agency’s director, Nicole Rich, the firm was reminded a dozen times between July 2018 and September 2021 to provide trust account audits and trust money payment records.
Despite assuring Consumer Affairs Victoria (CAV) that he would provide the accounts, Mr Ali continually failed to do so, which the watchdog considered to show “an ongoing disregard for strict regulatory rules that protect consumers”.
Charter Lane and Mr Ali are now facing allegations over the missing records, with CAV contending that their actions show a failure to “act fairly, honestly and to the best of their knowledge and ability; and exercise all due skill, care and diligence”, as is required in the state’s law.
Ms Rich took the opportunity to remind real estate professionals that they must audit their client trust accounts within three months after 30 June every financial year.
In no uncertain terms, she stated: “If companies or agents fail to meet their responsibilities under the Estate Agents Act, we will act.”
A directions hearing is scheduled for 18 September at the Victorian Civil and Administrative Tribunal.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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