CEA’s Disciplinary Committee imposes financial penalty and licensing condition on property agency

The Council for Estate Agencies’ Disciplinary Committee has sentenced Dennis Wee Realty (DWR) Pte Ltd to a financial penalty of $66,000 for six counts of failing to provide a written advisory message to six sets of investors to draw their attention to the risks involved in purchasing foreign properties.

The Disciplinary Committee also imposed a condition to DWR’s licence that it is not to market or transact in any foreign property for 12 months with effect from 24 November 2017.

This is the largest fine meted out so far to a property agency for failing to abide by regulations related to estate agency work involving foreign properties. This is also the second case in which an agency has been prosecuted for failing to provide a written advisory message to investors to draw their attention to the risks involved in purchasing foreign properties.

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Source : CEA – 7 Dec 2017

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