Home building compensation in NSW to be reviewed

The NSW Independent Pricing and Regulatory Tribunal (IPART) is reviewing the consumer protections available for home owners through the NSW home building compensation scheme.

NIBA CEO, Dallas Booth has said, “We are keen to hear thoughts from our member brokers on these issues.”

The review will examine whether the current regulatory requirements to take out home building compensation cover provide an adequate level of protection to consumers, having regard to other consumer protections for home building.

It will also consider the funding arrangements for any change to consumer protection relating to the home building compensation scheme having regard to future financial sustainability of the home building compensation insurance market. IPART has indicated that it will conduct a public consultation process along with their own research and analysis.

IPART has released the draft terms of reference and interested parties have the opportunity to provide submissions on them by close of business on 24 January 2020.