Ann: Response to ABC Article 9 September 2024 (Morning), page-31

Whilst I don't hold the ABC or it's journalistic practices in any great esteem, for anyone beating up on the ABC and trying to say this is a orchestrated, I can tell you, being in the strata industry I didn't need to watch 4 Corners to know that this practice is widespread, and many in the industry have been calling for an ACCC investigation into strata insurance for some time.

If this issue goes further, and I note today that there are calls from various agencies for the federal Treasurer to ensure it does, I would almost guarantee that Steadfast (and many others) will be in a world of hurt.

It's an insurance company, they aren't going to go bust and will no doubt recover as soon as holders realise how much money they're still making, but I would dare say a few higher ups may have to fall on their sword in due course. The more this one gets dug up, the more they'll find.

And all this is in relation to kickbacks and policies in southern states, where Strata insurance is still relatively affordable. In FNQ, this practice is genuinely costing owners thousands in unethical deals and backdoor agreements.

This is not a specific dig at Steadfast (even though I find BCB to be one of the most unethical companies I've ever had the displeasure of dealing with), the practices are widespread and others will be caught up in it. My only hope is that it catches up with some of the management companies on the other end of the line as well...