BC's Superintendent of Real Estate issued a $1,000 first-contravention penalty notice after an audit identified a trust clearing account and 19 designated strata trust accounts maintained outside the province, contrary to section 26 of the Real Estate Services Act. The location of regulated trust accounts is itself a compliance requirement even without an allegation of missing funds, and the notice provides an opportunity to request reconsideration within 30 calendar days of receipt.
Case card
Applicant 32 (Re), 2025 BCSRE 133
BCFSA imposed a $1,000 first-contravention penalty notice after identifying brokerage trust funds for strata clients held in bank accounts outside British Columbia.
Source reviewed · Court holding
Held. BCFSA imposed a $1,000 first-contravention penalty notice after identifying brokerage trust funds for strata clients held in bank accounts outside British Columbia.
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