Settlement agent cautioned over misuse of trust account (Sydney James Chesson)
A settlement agent has been cautioned by the State Administrative Tribunal over the misuse of his trust account.
Sydney James Chesson, trading as Master Settlements of St Georges Terrace Perth, had used his trust account for transactions which were not for the purpose of a settlement, a breach of the Settlement Agents Act. In issuing a caution on 30 September 2014 rather than imposing a fine, the SAT acknowledged that there was no misappropriation of funds from the trust account. Mr Chesson was ordered to pay costs of $8,828.
Acting Commissioner for Consumer Protection David Hillyard said the case highlighted the importance of licensed settlement agents using their trust account only for transactions related to settlements and not for any other business activities.
More information on the obligations of settlement agents can be found on the Consumer Protection website www.commerce.wa.gov.au/consumerprotection or enquiries can be made on 1300 30 40 54.
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