Explain the impacts of trust inaccuracies on clients and agency.

The OFT received a complaint in March 2018 alleging irregularities in the agency's corporate trust account. The OFT undertook a compliance check at the agency's business address in March 2018, which revealed the agency's then Principal Licensee had withdrawn a total of $121,000 on eleven separate occasions without authorisation.

The then Principal Licensee of the agency cooperated with the OFT and admitted the funds transferred from the trust account were never intended for personal gain, but were used as a 'short term loan' to cover business expenses until money could be returned to the trust account.

The agency's clients suffered no loss as a result of the trust account misappropriation.

In sentencing, the court stated the offending was of a very serious matter, but considered a number of mitigating circumstances including an early guilty plea, the cooperation with the OFT and no loss experienced by consumers.