Does your local MP or Senator know what a broker does?

Earlier this year, the Minister for Superannuation and Financial Services, Jane Hume, announced that the Life Insurance Framework (LIF) Review and the Quality of Advice Review would be combined and brought under the purview of Treasury, enabling the review to consider the full breadth of issues impacting both the quality and affordability of all forms of financial advice.

As part of the review, Treasury will consider whether the current conflicted remuneration and non-monetary remunerations exemptions for general insurance brokers remain relevant. Achieving a positive outcome for members is NIBA’s number one priority, and we are well underway in our preparations for the review, engaging with federal ministers and Treasury.

Last year, following the release of the Deloitte Report on the economic value of insurance brokers, NIBA engaged with state and federal ministers, consumer, and business groups to increase awareness and understanding of what our members do, and the benefits brokers provide to their clients. This year we want to go further, and we need your help to do it.

Our aim is to have every federal MP and Senator visited by a local broker who can provide insight on what they do and how their work benefits their clients. To support members in these conversations, NIBA has developed a number of resources including a Member Advocacy Guide, speaking points, and a leave behind document which representatives can refer to in future conversations.

Members who would like to assist NIBA in developing stronger relationships with federal MP’s and Senators should send an email to NIBA’s Policy Manager, Allyssa Hextell, indicating your interest, federal electorate (if known) or location, and if you already have an existing relationship with your local representative.