Regulatory Alert – Attention NSW Managers – The heat is on!
NSW Managers - DFT is coming.
A strata manager has been fined $2,000 by the Department of Fair Trading. The fine is for not having a training plan in the right format. Tough, when they had a written plan, but got pinged merely because it wasn’t in the format on the DFT website.
Further, according to one DFT officer, 140 warning letters have been issued to strata managers. These letters addressed issues with conflict disclosure motions and other inadequacies in the documents DFT requested for review. According to the DFT officer, the motions must include both the payee’s and the payer’s amounts for the commission. Again, tough when that’s not clear from the legislation or the website.
Forewarned is forearmed.
