NSW Fair Trading says it continues to investigate complaints about Netstrata and will consider regulatory action if breaches are identified.

The watchdog also says it will release a summary of an independent review of the strata management company’s operations when that process is completed.

Fair Trading engaged consultancy McGrathNicol to prepare a report on Netstrata after an ABC report last March highlighted excessive insurance fees paid by apartment owners, plus other issues.

An ABC article last week said Netstrata is pushing for changes to the draft findings of the independent review before the final report is made public.

The broadcaster said the company is funding the McGrathNicol review and an enforceable undertaking allows it to review and comment on a summary.

Groups including the Owners Corporation Network have called for the urgent release of the report summary.

“Consumers expect transparency and to know that due process has been followed. The NSW government needs to quell the concerns that have been raised by the ABC article,” network CEO Shari Driver said.

“Everyone needs to have certainty and confidence in the management of the strata industry.”

Netstrata, which begin in 1996, is focused on NSW properties and has offices in Sydney and Wollongong.

A NSW Fair Trading spokesperson told insuranceNEWS.com.au the watchdog “will review the report prepared by the independent examiner once provided and will publish a summary report prepared by the independent examiner at the conclusion of the process”.  

In addition to the report, Fair Trading continues to investigate complaints about Netstrata’s conduct to determine if any breaches of strata or other legislation has occurred, the government agency says.

“While NSW Fair Trading does not propose to make comment about the status of the investigation at this time, Fair Trading will consider appropriate regulatory action if breaches are identified,” the spokesperson said.  

Unit Owners Association Queensland president Mike Murray says he remains disappointed by the lack of a co-ordinated response from all levels of government on strata matters, and he has called for federal action and prosecution for inappropriate strata industry activities.