Last spring, a number of administrative errors occurring in our accounting department were brought to our attention. We immediately took action, making changes to our administrative processes and increasing oversight on financial matters. This included conducting an independent financial audit and participating with investigations of the provincial regulators in Nova Scotia and New Brunswick.
The Registrar of the Nova Scotia Real Estate Commission recently concluded their review and concluded that, at the time, we did not have the proper systems in place to recognize, address, and correct the errors.
We accept the findings of the Registrar, and we acknowledge our role and responsibility for the undue risk that exposed us and our clients in 2017. Fortunately, no major risk impacts occurred; no funds held in trust were compromised or went missing and all of our accounts are secure. No clients were impacted by these errors.
We have taken every step necessary to prevent something like this from ever happening again. These measures include:
We are extremely disappointed this happened. Our colleagues and clients expect more from us and we expect more from ourselves. We have advised our sales representatives, brokers, and staff, and are grateful for the support we have received from across the region. We look forward to continuing to build strong communities across the region, together, with our great team.
President, Royal LePage Atlantic