The NSW government says there is “more to come” on strata reforms after last week passing legislation to improve disclosure and toughen penalties.
The legislation was introduced before Four Corners put the spotlight on the strata sector. The program followed an ABC report earlier in the year focused on NSW company Netstrata.
“We have heard about strata managing agents charging excessive fees and commissions when buying strata insurance and using the services of subsidiary companies to obtain financial benefits without their clients’ knowledge,” Labor’s Mark Buttigieg said. “The bill is the first step in the government’s response to those problematic strata management business practices, and further work is under way.”
Read full article:> https://www.insurancenews.com.au/regulatory-government/nsw-flags-further-strata-crackdown
