Consumer Affairs Victoria is taking legal action against a South Yarra estate agent over trust account audits.
Patrick James O’Callaghan, the sole director and Officer in Effective Control of POC Commercial Pty Ltd, allegedly failed to arrange audits for the business’ trust accounts between 2018 and 2024.
Estate agencies hold money in trust accounts on behalf of clients, including rental income and sale deposits. Under Victorian law trust accounts must be audited every financial year to help ensure client funds are properly managed and protected.
The alleged failures were identified through a Consumer Affairs Victoria compliance project focusing on industry trust account audits.
Disciplinary proceedings against an estate agent for trust account audit failures can lead to reprimands, penalties and suspension or loss of licence.
The matter will be heard at VCAT on 1 July 2026.
If you’re an estate agent, it’s your responsibility to manage client funds properly. Read more about your obligations with trust accounts, including arranging audits, on the Consumer Affairs Victoria website.