Fraud Prevention Guidelines

Many agents are receiving fines from NSW Fair Trading for failure to include proof of identity documents in their sales files. While the Fraud Prevention Guidelines are an adjunct to the Supervision Guidelines set out by the Commissioner of Fair Trading, and there are no specific rules of conduct, fines may be issued at Fair Trading’s discretion.

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Fair Trading Inspections

NSW Fair Trading are authorised to attend your agency’s premises without warning during reasonable business hours in order to inspect the records held by your business, as well as issue penalty notices for breaches of the PSBA. Turning them away is not your best move, in fact we suggest that you give your full cooperation and attention to their enquiries, keeping them on side and being as compliant as possible. If you seek to reschedule their visit, this can often cause the inspection to be more thorough. Please watch our short video below for more information about Fair Trading inspections.

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Fair Trading Complaints Register

The NSW Fair Trading Complaints Register commenced on 1 July 2016. The Register records complaints against businesses according to their recognisable ‘trading’ or ‘business name’. Only businesses with a collective total of 10 or more complaints in a month will appear on the Register. Once a business receives more than 10 complaints, NSW Fair Trading will contact that business in relation to those complaints.

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Professional Indemnity

Under the Property Stock and Business Agents Regulations every Real Estate Business or Independent Contractor is required to hold Professional Indemnity Insurance. Fair Trading requires these entities to be indemnified against specific items eg professional negligence , misconduct etc and it is in the interests of the business to be indemnified against all future misadventures or any malfeasance that may put them at risk. For companies with multiple entities you will need to ensure that they are properly indemnified.

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