The consumer watchdog has taken control of Real Asset Conveyancing after it allegedly failed to complete recent settlements and assist authorities with an investigation into its affairs.
The state’s consumer protection body has taken control of a West Leederville-based settlement agency after it allegedly failed to complete recent settlements, communicate with clients and assist authorities with an investigation into its affairs.
The State Administrative Tribunal granted Consumer Protection permission to appoint a supervisor to take over the operation of Real Asset Conveyancing and the agency’s bank accounts after an investigation allegedly found the agency had engaged in conduct which constituted a breach of its legislative requirements.
It is understood an investigation into the affairs of the company was launched after several of its clients claimed it had failed to complete ten recent property settlements and disburse funds, as well as issues getting in contact with the company after payment.
In a statement released earlier today, Consumer Protection also confirmed it was also pursuing an investigation into irregular transactions allegedly related to the agency’s trust account.
Consumer Protection commissioner Gary Newcombe said the application was sought in a bid to protect the clients involved with the company, after the agency’s director failed to attend a meeting with the body and was then unable to be contacted.
“It became apparent that there was no-one effectively in control of the agency, prompting us to apply to appoint a supervisor to take over the agency’s operations and bank accounts,” he said.
“This is to ensure that clients’ funds are protected and outstanding settlements and disbursements are completed.”
The agency has held a settlement license for the past eight years.