Broking network giant Steadfast Group, which has been expanding across the US through its recent acquisition of ISU, has released a response to a news program in its native country of Australia that has 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-TV 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.”
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.
The Group is Australasia’s largest broking network with growing operations across the US and Asia.
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