NIBA attends ASIC personal advice roundtable

NIBA has participated in a roundtable discussion with ASIC and a number of other financial services industry associations

Written on 5 May, 2021
Tanaya Das

The National Insurance Brokers Association (NIBA) has participated in a roundtable discussion with the Australian Securities and Investments Commission (ASIC) and a number of other financial services industry associations in relation to challenges to make personal advice more accessible and affordable.

In November 2020 ASIC released a Consultation Paper seeking information from the financial advice industry and other stakeholders on impediments to the delivery of good quality affordable personal advice.

While the Consultation Paper dealt with personal advice more broadly, NIBA provided a response to ASIC indicating a desire to engage and develop a model for personal advice in the context of general insurance policies (as opposed to financial planning and investment advice, retirement and superannuation advice, and so on).

When ASIC convened a roundtable discussion with a number of industry associations, and NIBA was pleased to have the opportunity to participate. NIBA CEO, Dallas Booth said, “There was general agreement that personal advice should concentrate on the information clients are keen to hear about, without being burdened with excessive amounts of background information which make Statements of Advice complex and difficult to follow and understand. The need to keep mandatory information to that which is critical to help clients make good decisions was also stressed.”

Booth added that NIBA is keen to continue to work with ASIC on this important issue, “Clients must be given good advice which they can trust and rely on, but insurance brokers and other financial advisers must also be able to do this in a cost efficient and viable manner.”

He also confirmed that further information will be provided to NIBA members as developments occur.