487. Australia is ahead of the United States on this…
Podcast: Play in new window | Download
Subscribe: RSS
If you think hidden commissions, vertical integration and conflicts of interest are uniquely Australian strata problems, think again. This week, I’m joined by US community association advocate Vicki MacHale to compare notes on what’s happening on both sides of the Pacific – from insurance commissions and private equity to the fascinating world of “earned credits”, where management companies can benefit from the money their clients hold in the bank. The parallels are striking, but when it comes to scrutiny, transparency and regulators taking action, Australia may actually be ahead.
WOW….. don’t think “Earned Credits” are not here in Australia now.
I am a strata owner within a small 4 unit complex in Sydney and we as owners elected to go fully self-managed due to us disclosing excessive charges and suspicious kick backs, however in trying to open a simple strata bank account a few of the larger banks gave us the run around as if they were protecting strata agents…… I would not be surprised that they are following the Americian trend in regards to earned credits and all the other methods to obtain hidden commissions.
Great podcast….the first for me.
Who was it who said: “Where is the Erin Brockovich for Strata in Australia?”