The 'unethical' tactics of Australian strata companies | ABC News

Published: Sep 08, 2024 Duration: 00:02:38 Category: News & Politics
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being part of a strata makes you feel like you're not in control of your finances earlier this year the ABC asked Australians to tell us their stories about high density living and their experiences with the strata industry payments made for services not provided more than 2,000 of you responded describing an industry riddled with conflicts of interest it's almost as if the whole business model has been designed to frankly screw Australian apartment owners this year mark swne was determined to find a good price on strata insurance for his apartment building on Sydney's Northshore I asked for us to have three competitive quotes I wanted to know that we're getting a fair deal his building's broker owned by multi-billion dollar insurance giant steadfast group had told the owners only one company was willing to offer Insurance turned out that they will actually assist a company with the same owner the broker report had claimed a rival offer of insurance from a company called SCI had been withdrawn SCI told Four Corners it did not ever withdraw its offer of a policy which was $3,000 cheaper in other words the steadfast document was false steadfast group's chief executive Robert Kelly denies his company had deliberately misled the owners into buying a steadfast policy Mr Kelly for Corners has confirmed that is a false statement that's not true and SCI did not ever withdraw its offer to ensure that billing that's not true are telling a great lie you're saying to me you've got a document which will show withdrawing its offer absolutely that Robert Kelly never produced that document but later insisted steadfast group had done nothing wrong SCI was adamant it never withdrew its offer of insurance and never authorized steadfast to do so it's a conduct of concern definitely over the past 6 years steadfast has spent more than $1.6 billion buying up smaller insurance companies now A C boss Gina cascot Le says the regulator needs new powers to stop companies like steadfast acquiring too much dominance we are not able to prevent those transactions which are anti-competitive because we don't see them Linton besser ABC News Sydney for

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