Estate agency POC Commercial Pty Ltd and its sole director, Patrick O’Callaghan, have been fined and suspended for 3 months after failing to complete and lodge mandatory trust account audits between 2018 and 2024.
The Victorian Civil and Administrative Tribunal (VCAT) fined and suspended both POC Commercial and O’Callaghan and ordered them to appoint an auditor to lodge all outstanding audits.
This action is part of Consumer Affairs Victoria’s (CAV’s) broader enforcement efforts to hold estate agents and conveyancers accountable for failing to meet their trust account obligations.
Trust accounts hold sales deposits, rent and maintenance fees. This money belongs to consumers, not the businesses managing it.
Under Victorian law, trust accounts must be audited every financial year to help ensure client funds are properly managed and protected.
CAV Director Nicole Rich said agents who fail to meet their trust account obligations will continue to face enforcement action.
‘Estate agents are trusted to manage money on behalf of clients. Victorians deserve to know those funds are being properly managed and protected,’ Rich said.
VCAT made the orders in July and the matter will be reviewed next month to ensure outstanding audits have been completed and lodged.
If you’re an estate agent, ensure you understand your obligations. Read more about managing trust accounts, including arranging audits, on the Consumer Affairs Victoria website.