Consistency in framing: “We deny the allegations”

Steadfast Group has issued a response to an Australian news program alleging its salespeople are misleading strata insurance customers. “We deny the allegations made and are disappointed that important information was selectively presented,” said an ASX announcement issued by the major trading company.

An ABC-TV investigation questioned Steadfast's transparency and influence on the market. In the announcement, Steadfast acknowledged the coverage “raises concerns clearly for the strata industry.”

Trowbridge report and explanations

The consumer group said the investigation “makes no mention of the fact that Steadfast has commissioned respected insurance expert John Trowbridge to carry out an independent review in late 2021.”

The release said all of the company's businesses, including brokerages and underwriting agencies, “operate independently and compete actively.”

“It's natural to be concerned about any case that might come up against our expectations,” said CEO Robert Kelly (pictured above). “Should circumstances arise that require further action, we will investigate and take action to correct any deficiencies in our processes and procedures.”

Steadfast announced a trading halt in its securities following the ABC report.

The group is Australasia's largest retail network with growing operations across the US and Asia.

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