The NSW Minister for Fair Trading has asked the NSW Strata & Property Services Commissioner to set up a consumer-focused roundtable to address issues in strata. The members of the group have expressed a strong desire to explore issues with regards to Embedded Networks specifically and make recommendations to government for industry-wide reforms.
Embedded Network Arena has been invited to attend the Ministerial Stakeholder Roundtable to provide expert commentary & advice in regard to the embedded network sector in NSW. We are honoured to play an important and pivotal role supporting the strata sector and owners who are affected by this growing market.
In Case you Missed it the recent Minister for Better Regulation and Fair Trading announcement on "secret kickbacks":
NSW Parliament passed Strata Reforms. There are now crack downs on "secret kickbacks" forcing greater transparency and levying higher penalties for Strata Managing agents doing the wrong thing.
Embedded Network Arena prides itself on our transparency, and we do not accept any commission or kickbacks from suppliers
Key Strata Reform changes include:
increasing the maximum penalties and penalty infringement notice amounts for existing agent obligations to disclose information about commissions.
strengthening the conflict-of-interest disclosure requirements.
banning agents from receiving a commission on insurance products when they don’t play a role in finding the best deal for residents.
strengthening NSW Fair Trading’s enforcement and compliance powers.
The higher penalties, greater transparency and new enforcement powers follow an $8.4 million investment in more resources for NSW Fair Trading to tackle issues in strata and property services in this year’s budget.
As a partner of the OCN, we are offering OCN Members a 10% discount off our standard ‘Embedded Network Review Reports’ - a comprehensive contract review & utility cost benchmarking for electricity, hot water, gas & other embedded network utilities.
