BCFSA issued a $1,000 administrative penalty notice after an audit found no trust liability and asset reconciliation for one rental trust account and late reconciliations for two others. Rule 81(b) reaches both missing and overdue reconciliations, making timely trust accounting a compliance obligation even where the notice identifies no loss of client funds.
Case card
Applicant 42 (Re), 2025 BCSRE 154
Source reviewed · Court holding
Held. BCFSA issued a $1,000 administrative penalty notice after an audit found no trust liability and asset reconciliation for one rental trust account and late reconciliations for two others.
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