Over the last couple of months we have been explaining some of the changes to the Supervision Guidelines to ensure that all Licensees-In-Charge know and understand their responsibilities as licensees.
The Supervision Guidelines have had a major overhaul and were released on 23 March 2020 when the new Property and Stock Agents Act 2002 took effect. However, one of the key rules within these guidelines has not changed and that is rule number 10:
10 RECORD KEEPING
10.1 – A licensee in charge must maintain records showing evidence of:
10.1.1 regular reviews of operational procedures, and
10.1.2 any non-compliance with the operational procedures by persons engaged in the business
10.2 – A Licensee-In-Charge must be able to produce all documentation relevant to clauses 1-10 of these supervision guidelines to an authorised officer in accordance with section 105 of the Act.
10.3 – All records relevant to clauses 1-10 must be kept for at least 3 years.
It is essential for a Licensee-In-Charge to maintain records and their policy and procedure manuals for their business that relate to:
Whilst it is essential for the records to be kept as outlined above, it is also a requirement that should an authorised officer (NSW Fair Trading) request to inspect those records, they must be made available. This is set out in section 105 of the Property and Stock Agents Act 2002 which states:
105 INSPECTION OF LICENSEE’S RECORDS