What are the Broking Qualifications?
It's always good to know that someone who provides a vital service to you is qualified. All brokerages are required to be licensed by the Australian Securities and Investments Commission (ASIC). Their conduct is regulated by ASIC and they must comply with the requirements of their Australian Financial Services licence. All brokerages are required to ensure their advisers meet minimum ASIC standards of education.
However, NIBA member brokerages firms use practitioners with the Qualified Practising Insurance Broker or Fellow membership designation from NIBA College. These brokers meet even higher educational standards than those required by legislation. Not all brokers are from NIBA member firms, and therefore aren’t subject to NIBA’s strict Codes of Conduct. It pays to ask.
NIBA College is the education division of the National Insurance Brokers Association (NIBA).The College has a framework of professional accreditation that was introduced in 1992 to ensure the highest professional standards were met by individual practitioners.
College members move through the various levels of membership based on their education, experience and career requirements. A Qualified Practising Insurance Broker member is a fully qualified broker and must:
- Have completed the Diploma of Financial Services (Insurance Broking);
- Have completed four years work experience in broking or seven years in an advisory role in the industry;
- Undertake specific levels ofcontinuing professional development each year;
- Show continued adherence to a strict code of conduct set by NIBA College.
A QPIB has reached the gold standard of broking and are approved to use a certification symbol to indicate their achievement. These standards are far higher than those required by legislation.
To maintain this status QPIBs are obliged to meet and maintain rigorous standards of knowledge, skills and behaviour.