On Wednesday 27 November 2024, the Owners Corporation Network of Australia (OCN) was invited by NSW Fair Trading to attend a forum about insurance commissions, together with the insurance industry, academics, lawyers and other parties.
Subsequently, on 20 December 2024, OCN took the opportunity to summarise our views on what success looks like, from a consumer’s perspective by listing the following Principles for Reforming the Strata Industry (and insurance commissions):
- A Fair and Transparent Strata Industry
- Strata Owners Are the Customers
- No Hidden Payments or Commissions
- Fair and reasonable payment for fair work
- Clear and Simple Billing
- Reform That Rewards Good Operators
- Vertical Integration
- Strata Managing Agent (name)
- Strata Committee (training)
- Strata Management Contracts
OCN is awaiting the outcome of the NSW Government’s intention (announced in June 2024) to ban insurance commissions.
Related News: https://www.abc.net.au/news/2024-06-25/nsw-government-announces-strata-management-industry-reforms/104020022
Related News :https://ocn.org.au/transparency-is-not-enough/
Copy of Submission: 20241220 – Principles for Reforming the Strata Industry:
