Name of corporation
Network Strata Services Pty Ltd (Netstrata)
Business type
Strata managing agents
Trading address
298 Railway Parade
Carlton NSW 2218
Summary of Undertakings given in the Deed
Network Strata Services (Netstrata) will, within 7 days, fully cooperate with the engagement by the Commissioner for Fair Trading of Matthew James Fehon of McGrath Nichol Advisory Partnership as independent expert, and pay his costs up to $300,000, to conduct an independent review for the period 1 January 2022 to 27 March 2024 of the following matters relevant to Netstrata, and to report on his review:
- The business structure of Netstrata and its related entities.
- Processes, policies, procedures, practices and systems of Netstrata in relation to relevant statutory functions.
- Matters related to brokering of strata insurance, to third party contractors and to promotions and incentives to engage third party contract and suppliers.
- Matters relating to the general operation of Netstrata, including whether there are sufficient systems, processes and procedures to ensure statutory compliance, whether there is appropriate supervision and whether there are other consumer interest matters.
- Any recommendations arising.
Date of execution of Undertaking
2 May 2024
Expiry of duration of Undertaking
Not applicable