Settlement Day Ep.8 | Deposit Flicking – Who’s really holding your money?

Settlement Day Episode 8 examines the practice known as “deposit flicking” and the questions it raises for conveyancers, real estate agents and consumers.

Hosted by Angelique Opie, this episode features:

• Jennie Tonner – President, Australian Institute of Conveyancers NSW

• Jared Zak – Principal Solicitor and Founder, Dott & Crossitt

• Tim McKibbin – CEO, Real Estate Institute of NSW

The discussion covers:

• What deposit flicking is and how third-party deposit arrangements operate

• Why concerns have been raised about consumer protection and financial risk

• AML/CTF obligations and whether responsibility can be outsourced

• Trust accounts, consent and the handling of client money

• The role of conveyancers and real estate agents when these arrangements are proposed

• What regulators and professional bodies are saying

• The questions practitioners should be asking before client funds are moved