The NSW government pledges to 'stamp out bad behaviour' and strengthen oversight of the state's strata management industry in the wake of an ongoing ABC investigation that has revealed the systemic exploitation of unit owners and a widespread culture of kickbacks and secret commissions.
NSW will introduce stricter rules on matters such as commissions and conflicts of interest and increase the penalties that can be imposed on strata agents.The government will consult with the industry ahead of introducing legislation in August.
The changes proposed are to increase maximum penalties that can be imposed on strata agents, including for the failure to disclose "information about commissions", and strength the requirements to disclose conflicts of interest.The minister also said the reforms would include "banning agents from receiving a commission on insurance products when they don't play a role in finding the best deal for residents".
Stephen Brell stood aside from his position as the NSW president of the industry peak body, the Strata Community Association, following the ABC report.. Without adequate resources to conduct the inquiry itself, it brought in accounting firm McGrathNicol to conduct the review and required Netstrata itself to pay for it.
"The new laws are designed to take immediate action to help restore confidence in living and investing in strata schemes, ensuring more people consider apartment living as a housing option."
Netstrata Strata Management Strata Title Body Corporate
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ABC’s Laura Tingle lashed after calling Australia a racist countryABC's chief political correspondent Laura Tingle has been hammered by several disgruntled Australians including 2GB host Ben Fordham after she branded the country as 'racist'.
Read more »
‘It creates division’: ABC star lashed by Indigenous Senator after calling Australia a ‘racist’ countryIndigenous Senator Jacinta Nampijinpa Price has taken aim at ABC's political correspondent Laura Tingle after she controversially called Australia a racist country in a bizarre rant.
Read more »
ABC’s Laura Tingle under fire after ‘racist country’ commentsABC chief political correspondent Laura Tingle has come under fire for comments she made criticising Opposition Leader Peter Dutton.
Read more »
ABC’s Laura Tingle under fire after ‘racist country’ commentsABC chief political correspondent Laura Tingle has come under fire for comments she made criticising Opposition Leader Peter Dutton.
Read more »
ABC’s Laura Tingle under fire after ‘racist country’ commentsABC chief political correspondent Laura Tingle has come under fire for comments she made criticising Opposition Leader Peter Dutton.
Read more »
ABC blasted for ‘unacceptable’ Instagram post on Hamas’ rocket fire at IsraelThe ABC has come under fire after sharing a social media post which described terror group Hamas' recent rocket attack towards central Israel a 'show of resilience'.
Read more »