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Brokerage and trust audits

Every year the Commission's Compliance Inspectors conduct yearly trust inspections on each brokerage in Nova Scotia. In addition to the trust inspections, each brokerage is subject to a brokerage inspections every three years. The brokerage inspections comprises an in-depth review of the brokerage’s transaction files and records management.

In addition, the Compliance Inspectors complete additional inspections resulting from a change of broker, a brokerage shutting down or for spot inspections.

The trust and brokerage inspections ensure brokerages comply with the standards and procedures for trust accounts and record keeping, which in turn protects the best interests of the public. The inspections also help the Commission identify problem trends in the industry, which can then be addressed through continuing education courses and/or industry bulletins. While the Commission’s approach to inspections factors heavily on education and correction, brokers need to be aware that there are repercussions for failing to comply with trust account and records management requirements. Any brokerage that receives three consecutive “Needs Improvement” audits is subject to disciplinary action. The fines for non-compliance begin at $500.00, but increase with each offense and can, in more extreme situations, result in licence termination.