Failure to supply audits of trust accounts to Consumer Affairs Victoria for several years has left two conveyancers facing yet-to-be-determined penalties from the industry watchdog.
Consumer Affairs Victoria has taken action against several conveyancers for allegedly failing to comply with trust account audit obligations.
Murray Grills, lead conveyancer at Murrsan Pty Ltd, trading under the name Regional Conveyancing, could face suspension and penalties for failing to have trust accounts audited over a five-year period between 2020 and 2024.
Similarly, South Yarra conveyancer John Sierakowski could also face the same punishment for failing to have his trust accounts audited for the four-year period between 2020 and 2023.
The pair could also face conditions being placed on their licences as part of the industry watchdog’s investigation.
Under the Conveyancers Act 2006, conveyancers are required to have their trust accounts audited annually by an approved auditor, with the reports lodged with Consumer Affairs Victoria.
Consumer Affairs Victoria director Nicole Rich said trust account auditing was not just a minor administrative task but a key consumer protection.
“Trust account auditing ensures that client money is being handled safely and securely.”
“We are continuing to monitor and make sure conveyancers and estate agents are lodging their trust account audit reports each year.”
“While we give conveyancers and estate agents warnings and reasonable opportunities to rectify missed lodgments, we’ve made it clear you will face further action if breaches persist,” Rich concluded.
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