2022 Insurance Brokers Code of Practice update – Extension to the implementation of Section 6.1
Firstly, I would like to thank all our members for the support they have shown for the new 2022 Insurance Brokers Code of Practice. Having had the opportunity to speak with a number of brokers and attend various events and conferences since the Code was launched earlier this year, I have been heartened by the commitment to the Code and the standards of professionalism it enshrines. At the same time, I have received very constructive feedback.
Self-regulation is a privilege, not a right, a privilege that brokers have earned through the demonstration of their commitment to professionalism and ethical behaviour. The 2022 Insurance Brokers Code of Practice demonstrates this commitment to clients, regulators and the broader community and forms an important part of NIBA’s response to the Treasury’s Quality of Advice review.
In discussions with a number of brokers and their IT providers, it is apparent that the changes required to implement some Code obligations cannot be completed prior to the scheduled 1 November 2022 implementation date. Therefore, to allow sufficient time for these changes to be made, we have decided to extend the implementation date for Section 6.1, to 1 November 2023. However, all other code obligations will commence on 1 November 2022 as scheduled.
We have always stated that the Code was intended to be a living document and that NIBA would make amendments to ensure the Code remains relevant to all members and their clients. The Implementation Guide will also evolve as more examples arise as we continue to receive more queries in regards to the interpretation and implementation of the Code. As the realities of practical implementation become more apparent, we will continue to take on feedback and if necessary fine tune where appropriate.
We will continue to engage with our members to ensure they are well positioned to implement the new Code and encourage members to contact NIBA at info@niba.com.au if they require further guidance.
Warm regards,
Philip Kewin
NIBA CEO