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Consumer groups tap ASIC to probe strata broker

The Australian Consumers Insurance Lobby has asked the corporate regulator to investigate the “apparent unauthorised appointment” of a strata broker.

The lobby group teamed up with the Owners Corporation Network to flag the issue with the Australian Securities and Investments Commission.

“This referral is not about asking ASIC to accept our conclusions,” ACIL chair Tyrone Shandiman said.

“It is about asking Australia’s corporate regulator to independently determine whether an Australian financial services licensee has complied with its statutory obligations.

“The issues we have asked ASIC to investigate potentially affects more than 1000 strata insurance policies."