About SASB

The Settlement Agents Supervisory Board is the independent statutory authority established under the Settlement Agents Act 1981 to regulate people who conduct settlement transactions.  
 
The Board is responsible to the Minister for Commerce,  and has the following functions under the Act: 
  • administer the licensing system for real estate settlement agents and business settlement agents;
  • provide educational and advisory services to consumers and industry members about the requirements of the legislation, Board policy and industry practices;
  • bring and maintain disciplinary proceedings against agents in the State Administrative Tribunal in appropriate cases;
  • administer the Fidelity Guarantee Account, which reimburses people who have lost money through the criminal or fraudulent actions of a licensed settlement agent or one of their employees, during a real estate settlement transaction;
  • ensure that licensed settlement agents operating in the industry have professional indemnity and fidelity insurance; and
  • advise the Minister for Commerce in relation to the administration of the Act, and to  recommend amendments to the Act and Regulations.
The Board is fully funded through the interest paid on the balance of money held in the trust accounts of agents, licence fees, and the interest paid on investments held in Treasury.  Funding is used to provide services to the industry and the public in four major areas:
 
 
Licensing
 
Involves the quality control of people seeking to enter the settlement industry for the first time and of those already licensed in that industry.
  
 
Compliance
 
Ensures that licensed settlement agents comply with the relevant legislation and financial reporting requirements.
  
 
Education Awareness
 
Aims to encourage awareness of settlement ‘best practice’ through activities such as proactive visits, seminars and publications.
 
 
Fidelity Guarantee Account
 
Centres on the assessment of reimbursement claims from consumers who have suffered financial loss during a settlement transaction due to the criminal or fraudulent conduct of a licensed settlement agent or their staff .