You may or may not know that Strata Community Australia NSW has a Code of Ethics that its members must adhere to.
Here’s just a few of the obligations on strata managers under Part 1 of the Code that might be relevant to the 2024 Strata Insurance Crisis.
Always act ethically.
Act honestly, be straightforward and sincere.
Not provide false, misleading, or deceptive information to anyone.
Be and appear to be free of any interest, which might be regarded as incompatible with Integrity and objectivity.
Disclose and deal with Conflict of Interest issues in an open and fair manner, and not pay or accept secret commissions, either directly or indirectly.
Professional Strata Managers owe a duty to the Owners Corporation with which they manage. Their relationship is fiduciary in nature.
Professional Strata Manager Member who recommend a Strata Services provider to an Owners Corporation must disclose in writing to the Owners Corporation any rebate, discount, or commission as required.
Professional Strata Manager Member who recommend a Strata Services provider to an Owners Corporation must disclose in writing to the Owners Corporation any potential Conflict of Interest required to be disclosed.
Professional Strata Manager Member who recommend a Strata Services provider to an Owners Corporation must disclose must not accept, directly or indirectly, any undisclosed commission from any person for the recommendation.
And, there’s plenty more.
You can find the SCA NSW Code of Ethics here.