Steadfast on ABC strata report: “We refute the allegations”
Steadfast on ABC strata report: “We refute the allegations” | Insurance Business New Zealand
Insurance News
Steadfast on ABC strata report: “We refute the allegations”
Says it will act “to rectify any shortfalls”
Insurance News
By
Daniel Wood
Steadfast Group has released a response to last night’s ABC-TV Four Corners program that alleged its brokers mislead strata insurance customers. “We refute the allegations made and are disappointed that important information has been selectively presented,” said an ASX announcement released by the giant brokerage.
The ABC’s investigation questioned the transparency of Steadfast’s operations and its influence in the market. In the announcement, Steadfast agreed the coverage “raises concerns around strata industry transparency.”
Trowbridge report and clarifications
The brokerage group said the investigation “makes no mention of the fact that Steadfast commissioned respected insurance expert John Trowbridge to conduct an independent review in late 2021.”
The release said all the firm’s businesses, including brokerages and underwriting agencies, “operate independently and actively compete with each other.”
“Steadfast is naturally concerned about any case that may fall short of our standards and expectations,” said CEO Robert Kelly (pictured above). “Should instances be raised that require further action, we will of course investigate and act to rectify any shortfalls in our processes and procedures.”
Steadfast has announced a trading halt on its securities following the ABC report.
What’s your view on the implications of the ABC-TV Four Corner’s strata investigation? Please tell us below
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