iscover
One agent and two agencies have been added to the NSW “Name and Shame” list after failing to meet their trust account obligations, resulting in a licence suspension and penalties.
Strata managing agent Christine Ng has had her licence suspended by NSW Fair Trading following allegations of failing to deposit funds into trust accounts and breaching other statutory obligations in her position.
According to the watchdog, investigations into Ng are ongoing, with the licence suspension being imposed to protect consumers.
NSW Fair Trading said it has found reasonable grounds to consider disciplinary action against Ng over multiple alleged breaches.
The alleged breaches included failing to deposit substantial funds into an approved trust account, appointing someone to a strata office position without consent, ignoring a notice to produce documents, and breaching conduct rules by failing to act in a client’s best interests.
The watchdog has confirmed that Ng has been served a Show Cause Notice and, until she responds to the allegation by 25 March, remains suspended from all real estate and strata managing agent duties.
Similarly, two other real estate agencies have been issued penalties for failing to have their trust account in order.
In February, NSW Fair Trading took disciplinary action against TWillis Pty Ltd and Unicorn Corp Pty Ltd as part of its property agents audit project, which annually reviews real estate trust accounts.
“In relation to TWillis Pty Ltd, NSW Fair Trading has issued a reprimand, directed the licensee in charge to undertake training and imposed a monetary penalty for a breach of requirements requiring licence holders to cause trust accounts to be audited by the prescribed deadline,” a spokesperson told REB.
In total, the watchdog imposed a monetary penalty of $11,000.00 on the TWillis Pty Ltd licence holder.
Similarly, a spokesperson told REB that Unicorn Corp Pty Ltd received a reprimand and a monetary penalty for a breach of the requirement requiring licence holders to have their trust accounts audited by the prescribed deadline.
Following an NSW Civil and Administrative Tribunal (NCAT) decision, the licence holder of Unicorn Corp Pty was required to pay the Secretary a penalty of $2,500.00.
Natasha Mann, NSW Fair Trading commissioner, told REB that annual trust account audits were essential to ensure agents manage consumer funds appropriately.
“Property agents often handle large sums of money on behalf of consumers for payments such as house deposits and rental monies.”
“Therefore, annual trust account auditing is a critical function to ensure that the money is being held and accounted for accurately and honestly.”
ABOUT THE AUTHOR
You are not authorised to post comments.
Comments will undergo moderation before they get published.