NIBA's weekly e-newsletter, Broker Buzz, is packed with the latest industry and product news, regulatory updates, forthcoming events and seminars.
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.
NIBA has responded to the Australian Small Business and Family Enterprise Ombudsman’s report into small business insurance issues
The federal budget for 2021-22 delivered by the treasurer Josh Frydenberg has addressed many of the concerns being faced by small businesses
The Federal Government has announced the National Recovery and Resilience Agency to help support local communities respond to large-scale natural disasters
The Australian Tax Office (ATO) Decision Impact Statement on the Apted decision indicates that more Australian businesses may be eligible for JobKeeper