❓ Hon Colin de Grussa questions the Minister for Commerce regarding the Sterling New Life collapse, specifically concerning licensing, compliance, and trust account practices. The Minister clarifies that Sterling New Life did not hold a relevant WA license and declines a royal commission, citing ASIC's responsibility.
AnsweredQoN 269Legislative Council
QuestionView source ↗
STERLING NEW LIFE COLLAPSE
269. Hon COLIN de GRUSSA to the Minister for Commerce:
I refer to the Sterling New Life
collapse in 2019.
(1) Given the
long history of complaints against the directors of Sterling New Life, why was
its licence, issued under the Real Estate and Business Agents Act 1978, renewed
on 30 May 2017?
(2) When did the WA
government first become aware of matters of noncompliance by Sterling New Life
with its obligations under the Real Estate and Business Agents Act?
(3) When did
the WA government become aware that lump-sum payments paid to Sterling New Life
were not being held in trust accounts, as required under Real Estate and
Business Agents Act?
(4) Will the government consider
holding a royal commission into the Sterling First Group scandal?
269. Hon COLIN de GRUSSA to the Minister for Commerce:
I refer to the Sterling New Life
collapse in 2019.
(1) Given the
long history of complaints against the directors of Sterling New Life, why was
its licence, issued under the Real Estate and Business Agents Act 1978, renewed
on 30 May 2017?
(2) When did the WA
government first become aware of matters of noncompliance by Sterling New Life
with its obligations under the Real Estate and Business Agents Act?
(3) When did
the WA government become aware that lump-sum payments paid to Sterling New Life
were not being held in trust accounts, as required under Real Estate and
Business Agents Act?
(4) Will the government consider
holding a royal commission into the Sterling First Group scandal?
AnswerView source ↗
I thank the honourable member for
some notice of the question.
(1)–(3) Sterling
New Life did not hold a licence under the WA Real Estate and Business Agents
Act 1978.
(4) No. Oversight of the conduct of the Sterling First
Group as a financial services provider has always been the
responsibility of the Australian government, through the Australian Securities
and Investments Commission.
some notice of the question.
(1)–(3) Sterling
New Life did not hold a licence under the WA Real Estate and Business Agents
Act 1978.
(4) No. Oversight of the conduct of the Sterling First
Group as a financial services provider has always been the
responsibility of the Australian government, through the Australian Securities
and Investments Commission.
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