NIBA Welcomes Announcement on Quality of Advice Review Reforms

NIBA welcomes the government's recent announcement on the second phase of its Delivering Better Financial Outcomes package

NIBA welcomes the governmentʼs recent announcement on the second phase of its Delivering Better Financial Outcomes package. NIBA acknowledges the governmentʼs ongoing efforts to improve the regulatory framework for financial advice and ensure that all Australians have access to quality, affordable financial advice.

As the voice of the intermediated insurance profession, NIBA advocates on behalf of insurance brokers who play an important role in delivering tailored insurance solutions and advice to consumers and businesses right around Australia. NIBA is committed to ensuring that any changes to the regulatory environment support the continued delivery of high-quality advice while safeguarding consumers' interests.

NIBA looks forward to the release of the draft legislation to assess how these reforms will impact brokers and the broader general insurance industry. Understanding the practical implications of these reforms will be essential to ensure they achieve their intended objectives without unintended consequences for consumers or the broking profession.

“NIBA is pleased to see the government progressing the Quality of Advice Review reforms, recognising the vital role that advice plays in protecting consumers and businesses. We look forward to reviewing the draft legislation to ensure that the reforms strike the right balance between robust consumer protection and the delivery of accessible, high-quality advice” said NIBA CEO, Richard Klipin.

NIBA remains committed to engaging with policymakers to ensure the unique needs and contributions of the insurance broking profession are well understood and adequately reflected in the final legislation.