Settlement Agents Code of Conduct 2016 (WA)

Western Australia Settlement Agents Act 1981 Settlement Agents Code of Conduct 2016 Western Australia Settlement Agents Code of Conduct 2016 Contents Part 1 — Preliminary 1. Citation 1 2. Commencement 1 3. Terms used 1 4. Code applies to all licensees 2 Part 2 — General duties 5. Knowledge of relevant law 3 6. Acting in best interests of client 3 7. Duty of care, diligence and skill 3 8. Duty of honesty 3 9. Confidential information 3 10. Client's instructions 4 11. Client to be fully informed 4 12. Misleading or deceptive conduct 4 13. Unconscionable conduct 4 14. Fiduciary obligations 5 Part 3 — Employees 15. Supervision and control of employees 6 16. Sufficient supervision of settlement agent business 6 Part 4 — Conflict of interest Division 1 — General 17. Conflict of interest 8 18. When licensee may act for more than one party 8 19. When business may act for more than one party 9 20. Disclosure of interests 9 Division 2 — Specific 21. Terms used 10 22. Disclosure notice to be given 11 Part 5 — Appointment of licensee and payment of fees 23. Costs disclosure 13 24. Payment not to exceed service amount unless exception applies 14 25. Fees for referrals 15 26. Appointment to act 16 27. Consumer may request an itemised bill 16 27A. Transitional provision for the Settlement Agents Code of Conduct Amendment Rules 2020 16 Part 6 — Specific duties of licensee 28. Retaining copies of documents 17 29. Licensees duties in arranging a settlement 17 30. Legal advice 17 31. Change of settlement agents 18 Part 7 — Money 32. Proper accounts to be kept 19 33. Money and documents held on client's behalf 19 Part 8 — Repeal and transitional 34. Settlement Agents' Code of Conduct 1982 repealed 20 35. Transitional 20 Schedule 1 — Forms Notes Compilation table 27 Defined terms Settlement Agents Act 1981 Settlement Agents Code of Conduct 2016