Suspended professional has a history of misconduct
The BC Financial Services Authority (BCFSA) has handed down a one-year license suspension and a $30,000 penalty to Donald Nichol, a rental property manager, for several breaches of professional standards.
Nichol, associated with Pacific Quorum Properties Inc., was found to have committed professional misconduct while managing a property in Surrey, BC, between February 2016 and May 2017. These violations included failures in critical areas such as collecting required payments, adhering to client instructions, and conducting necessary inspections.
According to the BCFSA’s consent order, Nichol failed to collect the required security deposit and initial rent payment from a tenant before they moved into the property. He also did not follow the property owners’ instructions regarding the terms of the two tenancy agreements.
Additionally, he entered an incorrect address on a residential tenancy agreement, which complicated and delayed tenancy dispute resolutions by about six weeks.
Nichol was also found to have not made reasonable efforts to collect a monetary penalty from a tenant who terminated their lease early and neglected to conduct a mandatory move-in inspection. Finally, he did not perform a credit check on prospective tenants as required by the property owners.
Nichol has been intermittently licensed as a rental property management representative since 1990.
However, this is not his first disciplinary action. In September 2016, he agreed to a consent order for previous misconduct, which included failing to manage day-to-day operations effectively and neglecting to issue a timely notice to end the tenancy. At that time, he was required to complete a remedial course and pay $1,500 in expenses.
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Nichol manages a large portfolio of properties at Pacific Quorum. Due to his large client base, BCFSA has granted the company additional time to transition his files. As a result, his one-year suspension will commence on June 21.
In addition to the $30,000 penalty, Nichol is also required to pay $2,000 in enforcement costs to the BCFSA.
“Licensees have a duty to act in their clients’ best interests and accordance with their clients’ legal instructions,” said Jonathan Vandall, vice president of compliance and enforcement at BCFSA. “The penalty reflects the licensee’s failure to meet their core responsibilities, including duties to act with reasonable care and skill.”
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