Industry News

On 25 November 2010, legislation was passed by the Western Australian State Parliament to transfer responsibility for regulation of the settlement industry from the Settlement Agents Supervisory Board to the Department of Commerce and the Commissioner for Consumer Protection.

As of the 1 July the authority for the operation of the Act was devolved from the Minister to the Department of Commerce, under the Director General and the Commissioner.

The current licensing and regulatory functions will be overseen by the Commissioner, while the employing authority and financial responsibilities, including administration of the fidelity guarantee account will be assumed by the Director General.

There will be no reduction in the requirement that those in the industry comply with relevant legislation.  Similarly, the requirement to complete Compulsory Professional Development points each year will remain unchanged.

For more information go to the boards and committees webpage at www.commerce.wa.gov.au

About Riverside

Principle Settlement Agent, Jan Bullen is the Licensee and holds a Settlement Agents License as required by the Settlement Agents Act 1981. With a background including banking and finance Jan also holds a Diploma in Financial Services (Conveyancing).