Inquiry needed to protect consumers
15 December 2018
By Tim McKibbin, REINSW CEO

Four years ago, NSW Fair Trading removed the obligation on real estate agents to lodge their annual trust account audits. With one decision, they removed all the protection offered by an independent audit and, with it, the procedures and processes in place to protect consumers.

This has resulted in consumer losses through trust account fraud. Fair Trading, following lobbying from REINSW, has agreed to fully compensate those who suffered loss. Unfortunately, the NSW taxpayer foots the bill.

Fair Trading continues to make decisions regarding the property market and property services industry with no subject knowledge, competencies or experience.

The result is legislation that is unworkable, adds costs, and leaves consumers exposed.