Member feedback: draft terms of reference

NIBA is currently seeking member feedback on the draft terms of reference to inform its submission to Treasury by Friday 28 January

Written on 19 January, 2022
Wendy Martin

Late last year, the Federal Government released draft terms of reference for the Quality of Advice review.

Building on ASIC’s consultation paper, Promoting access to affordable advice for consumers, the Treasury-led review will predominately focus on issues regarding the affordability and accessibility of advice post the Royal Commission.

In particular, the review will consider how the regulatory framework could better enable the provision of high-quality, accessible, and affordable financial advice. The review will consider a number of important areas for insurance brokers including the concepts of general and personal advice, safe harbour provisions, disclosure requirements, the exemption to the ban on conflicted remuneration for general insurance brokers, and the process by which retail and wholesale clients are defined.

NIBA is currently seeking member feedback on the draft terms of reference to inform its submission to Treasury. Any members who wish to provide feedback can do so by contacting NIBA’s Policy and Research Manager at ahextell@niba.com.au by Friday 28 January.