Proactive compliance - settlement agents
The proactive compliance program was established in 1999. The function of the program is to assist agents in complying with legislative requirements, to identify and rectify areas of risk and provide advice to agents.
Objectives of the proactive compliance program are to:
- promote a culture of compliance by assisting agencies to understand and comply with the legislative framework;
- offer advice and support to industry in an effort to avert operational problems;
- promote the use of compliance tools;
- encourage high levels of industry best practice; and
- provide protection to consumers.
Proactive compliance publications
This page provides a list of useful documents and links to assist settlement agents to meet their compliance obligations and to help them prepare for any visits by members of the proactive compliance team.
- Proactive compliance visits - has information on preparing yourself and a checklist used on all proactive visits. It provides a useful tool for agents wishing to measure their own compliance. Agents are encouraged to use it as a self assessment checklist before a proactive visit, and at any other time.
- Settlement Agents' Code of Conduct
- Content of receipts: Outlines information on what should be included on a receipt.
- Titling and designation of trust accounts: This document outlines the convention for trust account titling, and enables agents to list trust accounts that have been opened, closed, or amended. Agents are required to inform Consumer Protection of such changes to trust accounts as soon as practicable or within five working days. This document also presents information on what should be specified on a trust account.
- Unclaimed money: The Department of Treasury and Finance provides information on what an agent should do with unclaimed money.
- Complaint handling guidelines: Presents general recommendations that are considered essential for the internal management of complaints received by settlement agencies in Western Australia.
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