Christopher Paul Kontossis is facing serious allegations at VCAT for allegedly mishandling rental bond funds. Between Sept 2022 and Mar 2023, he redirected $21,540 from 26 bond claims into unrelated accounts. Consumer Affairs Victoria is looking to revoke his license and ban him from the industry. This case is a stark reminder of why overseeing trust monies is critical.
Here’s why you need to be on top of this:
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- Legal Compliance: Handling rental bonds properly is a legal requirement. Non-compliance can lead to severe penalties and legal actions.
- Financial Responsibility: Trust monies aren’t your agency’s funds. They must be managed with utmost care and accountability.
- Reputation Management: Mishandling trust monies can severely damage your agency’s reputation and erode client trust.
- Risk Mitigation: Proper oversight can help spot and fix issues before they escalate into legal problems.
- Operational Integrity: Properly managing trust monies shows professionalism and a commitment to ethical business practices.
- Avoiding Penalties: Good management practices help avoid financial penalties and potential loss of license.
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To stay compliant and protect your business, you should:
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- Implement robust systems for tracking and lodging rental bonds.
- Provide regular training to staff on handling trust money procedures.
- Conduct internal audits to ensure compliance.
- Stay informed about relevant legislation and regulatory changes.
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Prioritising oversight of trust monies is crucial to safeguarding your business, maintaining legal compliance, and upholding industry standards.
Full article here: Consumer Affairs Victoria