an ABC TV expose in March alleged that the strata managing giant Netstrata has been benefitting from significant hidden income
Netstrata had been telling clients it didn’t take insurance commissions – which was true. But by using its insurance subsidiary, it was able to funnel funds into the parent company, allegedly in even greater amounts than if it had taken a straight commission. However, since the relationship between strata managers and owners is frequently a point of conflict – for reasons other than transparency, integrity or professionalism – owners have been questioning if their strata managers can truly be trusted to be acting in their best interests.
“To be a true professional, a strata or body corporate manager would not accept commissions, payments or benefits, particularly in circumstances where they are simply adding to the costs of their client.” SCA-NSW, which only achieved “profession” status in the past couple of years, told this column that it has commissioned a full investigation into the allegations made against Netstrata in accordance with requirements under the Professional Standards Scheme.
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