25 MARCH 2024
Allegations that a major NSW strata management firm has been charging excessive fees for insurance services without full disclosure of the arrangements have touched a nerve and triggered a torrent of criticism directed at practices within the sector.
The Australian Consumers Insurance Lobby (ACIL), a strong advocate on strata insurance issues, last week joined with the Owners Corporation Network of Australia (OCN) and the Unit Owners Association of Queensland in writing to regulators to seek an inquiry into Netstrata’s practices.
The issues raised in the ABC news report focus on one company, but the groups say they have far-reaching implications and are clearly part of wider problems.
“We see this as an invaluable moment to advocate for the necessary changes that will ensure the safety and rights of strata residents,” OCN Executive Director Karen Stiles said.
Read full article:> https://www.insurancenews.com.au/analysis/strata-practices-report-unleashes-torrent-of-criticism
Related content:> https://ocn.org.au/backroom-deals-in-strata-insurance-and-how-theyre-costing-you/