You said what I had in my mind : strata management licence is a licence to print money.Neither NSW Fair Trading nor NCAT will really help when you have problems with SMs though they are mandated to help.
One large Strata Management Agency gives a large political donation of about $100,000 ( this in 2017 as I discovered through Dun & Bradstreet Credit Report ) or more per year and more than all real estate bodies put together. So what can we expect from those who supervise them ? I think we are better served by going to a smaller,well run, SMA than a large well known SMA who don’t observe or deliver what they promise on their web site. We did exactly that now.