Hashtag
Men's Weekly

Parliamentary Inquiry and self-regulation: REINSW



The property services industry does not seek self-regulation as suggested by Minister for Better Regulation Matt Kean, according the Real Estate Institute of New South Wales.

The clarification comes after REINSW called for a Parliamentary Inquiry (22 November) into the decision-making processes of NSW Fair Trading in the wake of its negligence involving trust account audits, following the State’s largest fraud case.


Fair Trading removed the requirement for licenses to lodge their trust account audits with Fair Trading 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.


REINSW CEO Tim McKibbin said the constant reference to industry seeking self-regulation in the Minister’s press releases is not only incorrect, it also demonstrates 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, industry does not seek self-regulation, industry seeks a cooperative and constructive relationship with a regulatory authority who has competencies and experience in the property industry,” Mr McKibbin said.


Mr McKibbin said the decision of the Minister to announce publicly that there will be no Parliamentary Inquiry with less than one day’s consideration is alarming.


“Attempting to assign blame to industry while a pandemic of incompetence flushes at Fair Trading strongly suggests that Government is not acting as a model citizen,” Mr McKibbin said.


“The first step to resolving any problem is an acknowledgement of, and a detailed understanding of the issues.  Pretending it doesn’t exist and blaming others, only delays implementation of the requisite remedial activities. REINSW respectively suggests 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.  Misplaced confidence and ignorance are a dangerous combination, and a recipe for harm as in this case.


“REINSW as the States pre-eminent representative body for the property services industry offers its assistance to the Minister,” Mr McKibbin said.


Visit the petition page

Property News Wanted


Do you have property or real estate related news to share? Prepare at least 425 words and send a pic with it to office@newscompany.com.au

Property

Why Real Estate Rubbish Removal is Essential for Property Success

Hashtag.net.au - avatar Hashtag.net.au

When it comes to buying, selling, or renting out a property, presentation matters more than most people realise. A property might have the perfect location and structure, but if it’s cluttered with ...

How to Choose the Right Size Concrete Mixer for Your Construction Needs

Hashtag.net.au - avatar Hashtag.net.au

(Source) No matter what type of construction you are undertaking, whether it's a garden patio, driveway repair, or a full-scale construction site, the right tools will make the greatest difference...

NSW First Home Buyers Grant: Your Escape Route from the Rental Hamster Wheel

Hashtag.net.au - avatar Hashtag.net.au

Remember when you thought adulting meant having your own place? Then reality hit like a brick wall made of rental receipts and property prices that seem to multiply while you sleep.  If you're star...

Resilient and Adaptive Landscapes: Rethinking Urban Design for A Changing Climate

Hashtag.net.au - avatar Hashtag.net.au

Increasing climate instability requires urban planners and landscape architects to focus their designs on survival instead of solely on beauty or utility. Floods, heatwaves, and long-term droughts h...

Why Security Fencing Is a Critical Investment for Homes and Businesses

Hashtag.net.au - avatar Hashtag.net.au

sourceIn today’s world, where safety and privacy are top priorities for both residential and commercial property owners, one solution continues to prove essential—security fencing. More than just a ...

Why Pre-Winter Building Inspections Matter in Melbourne

Hashtag.net.au - avatar Hashtag.net.au

Getting a building inspection in Melbourne before winter sets in might not be the first thing on your to-do list—but it should be. Melbourne’s weather is famously unpredictable, and when winter hits...

Health & Wellness

A Permanent Fix: Why More Patients Are Choosing Dental Implants

Hashtag.net.au - avatar Hashtag.net.au

Among the myriad of advancements in the field of dentistry, none have impacted as radically as dental implants. A last option not long ago, today, implants are the go-to solution for millions of ind...

Smile Confidently: Sydney's Best Cosmetic Dentists for Invisalign Treatment

Hashtag.net.au - avatar Hashtag.net.au

A warm, welcoming smile can change how you see yourself and how others see you. But to so many, crooked or uneven teeth will obstruct smiling openly. Modern cosmetic dentistry has answers, though, t...

Will Anyone Notice My Clear Aligners? Here’s the Honest Truth

Hashtag.net.au - avatar Hashtag.net.au

Image by freepikClear aligners have become hugely popular in Australia, promising discreet orthodontic treatment without the obvious look of metal braces. Yet, despite their growing popularity, a co...