NSW is adding to the pressure on IPO-hopeful PEXA by requiring the property settlement service to operate in a way that does not exclude potential competition and by capping prices the platform can charge.
State regulator Registrar-General Jeremy Cox has written to PEXA saying he will also require it to provide a guarantee to consumers to reimburse vendors for fraud they suffer due to the system and that it must get approval for any move to expand beyond settlements to other services along the property transaction chain.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
