The National Insurance Brokers Association says it “acknowledges with concern” the Four Corners program raising allegations of misconduct within the strata industry.

“NIBA supports professional standards that enhance transparency and disclosure within the strata industry, including the reforms currently before the NSW parliament,” it says in a statement. “Addressing professionalism, disclosure and transparency within the market is key to delivering better outcomes for consumers, including strata owners and the sector as a whole.”

It is estimated 50% of Australians will be living in strata properties by 2040, and it is vital service providers are acting ethically and in the best interests of communities, the association says.

NIBA says professionalism, transparency and ethical behaviour are at the heart of its code of practice, which sets standards above the law to foster trust and integrity. Brokers are required to document the services they will provide to clients through terms of engagement, and to disclose commissions and fees on retail strata policies. 

“In providing this information, insurance brokers are able to clearly communicate with owners to allow them to make an informed decision about their insurance arrangements and services

“NIBA and its members are committed to working constructively with government, regulators and other key stakeholders to ensure the highest standards of practice and professionalism are maintained, reinforcing public confidence in insurance brokers serving the strata sector.”

Strata Community Association Australasia says it condemns the behaviour of rogue operators, adding the actions of a few are not reflective of the broader industry.

“SCA is concerned about opaque and misleading practices presented in media reports, along with activities lacking transparency or not following our mandated best practice for members,” it says.

“We welcome the strengthening of measures and protections that further professionalise our sector and deliver better outcomes for consumers, and continue to work collaboratively with our members, governments and regulators.”