New Brunswick’s Financial and Consumer Services Commission is seeking to shut down a real estate agency, citing alleged violations related to trust accounts and other rules.
The commission says in a news release issued Tuesday it has filed a statement of allegations with the Financial and Consumer Services Tribunal seeking to revoke the licence of Century 21 A&T Countryside Realty Inc., cease all regulated activity and pay a fine.
The agency has 24 realtors in Moncton, Saint Andrews, Fredericton and Rothesay and has a number of active real estate listings.
Audrie Beaulieu, listed as a co-owner of the agency, told CBC there wouldn’t be a comment Tuesday, but said a statement will be issued Wednesday.
It’s alleged the agency “persistently and repeatedly breached various trust account rules and other provisions” of the Real Estate Agents Act even after it was placed under a lengthy period of supervision.
The release did not say specifically what violations are alleged. CBC has requested a copy of the statement of allegations from the tribunal. The commission did not provide an interview.
The administrative tribunal’s website says it provides independent adjudication and oversight in the financial and consumer services sectors.
Conditions imposed after 2019 inspection
The commission’s news release says a 2019 inspection by the New Brunswick Real Estate Association, which co-regulates the sector, “found deficiencies in its trust account and its financial reporting oversight” that led to the commission imposing conditions on the agency’s licence.
Those conditions included providing financial statements, quarterly reviews of the trust accounts by an independent third party, and monthly trust reconciliation and supporting documentation to the commission.
The news release says that after several opportunities and extensions, the agency repeatedly failed to meet the terms and conditions on its licence.
“FCNB alleges this non-compliance presents a risk to consumers and has filed an enforcement proceeding to revoke the agency’s licence,” the release states.
It says if the tribunal revokes the licence, any active listings could be negotiated with a new agency.
