Wanna Know What Netstrata & NSW Fair Trading Agreed

The hot strata gossip is that the independent report by McGrath Nicol for NSW Fair Trading about Netstrata is finished and being reviewed.

And, no one knows when we’ll find out more, what will be released and what it says.

But, there are plenty of clues if you just look at what Netstrata and NSW Fair Trading agreed about the investigation, report and disclosure in the Enforceable Undertaking they signed in May 2024.  It is after all public information and accessible here.

Here are some key highlights of the deal.

• Netstrata agrees to co-operate with NSW Fair Trading and McGrath Nicol in an independent review of Netstrata’s operations.

• Netstrata is paying the costs of the review.

• The scope of the review is defined in 2 page schedule.

• The review covers two and bit years from 1 January 2022 to 27 March 2024

• Information obtained by McGrath Nicol is confidential.

• The McGrath Nicol report is confidential.

• A separate summary of findings & recommendations will be prepared for potential release.

• Netstrata has a right to review and comment on the report and summary.

• The report and findings are not binding on Neststrata.

• Netstrata must tell NSW Fair Trading what it proposes to do following the McGrath Nicol report and recommendations.

Combined with the things covered in the investigation scope, it’s pretty clear there will be plenty to hear about, consider and do at Netstrata when the report is out.

And, probably at many [if not all] NSW strata management businesses when McGrath Nicol and NSW Fair Trading release the summary of things that need changing so that they comply with the property agency laws and supervision guidelines.

You can read the Netstrata Enforceable Undertaking here.