McGrathNicol Review – Key updates & Improvements

McGrathNicol Review – Key updates & Improvements

We’re pleased to share some important updates on our journey of continuous improvement, transparency, accountability and innovation.

As part of a broad, independent review commissioned by NSW Fair Trading, McGrathNicol conducted a detailed audit of Netstrata’s operations. One of the key findings of this review was that Netstrata’s service fees, including those provided through our broking subsidiary, Strata Insurance Services (SIS) are generally at or below market rates, and services provided by our maintenance divisions Winfire, PG Martin Plumbing and Resolute Maintenance are generally below market rates when compared to other service providers. This is an important confirmation of our ongoing commitment to delivering high-value services to our clients.

In line with our commitment to transparency and leading better practices across the strata sector, we also want to update you on the progress we’ve made in implementing the 22 recommendations outlined in the McGrathNicol Summary Report, as well as new products and services that will provide easier access to information.

Key Milestones Achieved

To date, 16 of the 22 recommendations have been actioned and implemented into our ongoing operations where required. These include:

• Mandatory Conflict of Interest declarations and annual training for all staff.
• Enhanced governance and compliance practices, such as whistleblower protections and updated employee handbooks.
• Increased transparency in fee disclosures, audit practices, and insurance services.
• Improved complaint handling processes and oversight at the Executive level.

The remaining 6 recommendations are on track to be fully implemented by 1 July 2025. These include:

• Strengthening of our risk and compliance framework, with a dedicated senior management position due to be appointed.
• Formalising compliance attestations and enhancements to staff remuneration structure to better reflect governance KPI’s.
• Comprehensive reviews of legacy vendor agreements and risk registers.

A summary of each recommendation can be viewed by clicking on the link below.

Our Ongoing Commitment

Netstrata welcomes the oversight and guidance provided by NSW Fair Trading throughout this process. We remain committed to working transparently and collaboratively to set a benchmark for excellence across the strata sector.

We also note that some contested potential breaches of the Strata Schemes Management Act 2015 are currently under review with NSW Fair Trading, and we are continuing to engage constructively on these matters. We will provide an update once the outcomes have been finalised.

New Owner Portal & Drill Down Financials

In line with continuous improvement and greater transparency, we are excited to announce the launch of our new Owners Portal, which can be accessed via our website. With access to revolutionary ‘Drill Down‘ financial reporting, all owners can view their schemes’ financials with links to all supplier invoices, as well as access to financial information specific to their lot including levy notices and lot ledgers.

Exclusive to Netstrata, this industry leading reporting is one of the many investments we’re taking to provide greater innovation and services to the schemes we manage.

Looking Ahead

Our clients are our top priority, and we will continue to keep you informed of the changes we make to increase transparency and deliver better outcomes.

Netstrata will continue to prioritise integrity, client transparency, and industry collaboration to contribute to positive change across the broader strata community.