There’s more trouble coming for apartment owners. Here’s why
The Netstrata insurance scandal rocked the strata management industry in NSW but that’s just the beginning as an independent inquiry starts to dig deeper.
Strata management in NSW is in turmoil after an ABC TV expose in March alleged that the strata managing giant Netstrata has been benefitting from significant hidden income via its insurance subsidiaries.
Strata insurance is compulsory in most states, and premiums can run to tens of thousands of dollars. Strata managers can receive up to 20 per cent commission for arranging these policies.