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The REINSW has renewed its beef with NSW Fair Trading, this time calling for a parliamentary inquiry into its decision-making processes in the wake of the regulator’s apparent negligence involving trust account audits.
REINSW CEO Tim McKibbin explained that Fair Trading had removed the requirement for licensees to lodge trust account audits in 2013.
“Realising their mistake, and the consumer harm they caused, Fair Trading reversed their decision in March of this year.
“Alarmingly, this remedial activity has not worked its way through the system and the legislative changes have not yet commenced, so consumers are still at risk.”
In addition, Mr McKibbin said that the “constant reference” contained in the Minister’s press releases to industry seeking self-regulation is problematic.
“The Minister’s press releases [are] not only incorrect, [they] also demonstrate a desperate clawing for relevance and an attempt to divert attention away from Fair Trading, who are facing a barrage of consumer protection failures.
“Let’s once again be crystal clear: [the] industry does not seek self-regulation, [the] industry seeks a cooperative and constructive relationship with a regulatory authority who has competencies and experience in the property industry.”
Equally, Mr McKibbin said that the Minister announcing publicly that there will be no parliamentary inquiry (with less than one day’s consideration) is alarming.
“Attempting to assign blame to [the] industry while a pandemic of incompetence flushes at Fair Trading strongly suggests that [the] government is not acting as a model citizen,” Mr McKibbin said.
“The first step to resolving any problem is an acknowledgement, and a detailed understanding of, the issues. Pretending it doesn’t exist and blaming others only delays implementation of the requisite remedial activities.”
Mr McKibbin added that, in this case, “sunshine is the best disinfectant”.
“Accordingly, publicly exposing the systemic failure of Fair Trading’s ability to understand and adequately support the property services industry is an important step forward,” the REINSW CEO said.
“Misplaced confidence and ignorance are a dangerous combination, and a recipe for harm as in this case.
“REINSW as the state’s pre-eminent representative body for the property services industry offers its assistance to the Minister.”
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