It looks like the NSW Govt ain’t waiting for the strata management sector to fix its woes.
3 months have passed since the 2024 Strata Insurance Crisis emerged after ABC News reporting about Netstrata and questionable industry practices, but not much has actually happened.
Yesterday the NSW Minister for Fair Trading announced that it was starting consultation and work to introduce changes that impose stricter controls on strata management practices including the following.
Strengthened requirements to disclose conflicts on interest.
Some kind of qualified ban on strata manager receiving insurance commissions.
Increased penalties and infringement notice sanctions.
More regulator enforcement powers.
Of course, that’s all subject to consultation, lobbying and regulation and law changes.
But, it looks like the NSW strata managers will have less say in their future than they might and could have.
You can watch the ABC News report about the announcement here.