NIBA Maps Blueprint to Strengthen Consumer Protection Through Code Review

The National Insurance Brokers Association (NIBA) has released its formal response to the Independent Review of the Insurance Brokers Code of Practice (the Code), setting a clear pathway to help strengthen consumer protection, elevate professionalism, and reinforce the professionʼs commitment to self-regulation.

NIBA's Board has reviewed all 14 recommendations from Independent Reviewer Phil Khoury of cameron. ralph. khoury. It has now released a detailed response which addresses the recommendations it will adopt and has outlined alternative solutions to other recommendations to benefit clients, the community, and enhance professional standards.

"This review has provided valuable input, and NIBA has listened to all stakeholders," said NIBA President Nick Cook. "Our response reflects feedback from our profession and clients, and our commitment to continuing to raise standards. The broking profession exists to serve—our Code ensures we deliver trusted advice, and the 2026 Code update will set high standards for excellence."

NIBAʼs response also draws on independent consumer research, conducted in late 2025. The research, to be released in February 2026, highlights strong broker-client relationships, with 87% of client respondents saying they are satisfied with their broker. 91% of client respondents say that brokers have helped them achieve better business outcomes. And 95% of client respondents see brokers as critical to claims resolution.

The data from the independent consumer research, combined with the fact that only 0.8% of AFCA complaints over the 2024/25 financial year were related to brokers, underscores the critical role brokers play in building trust and confidence in the sector and improving client outcomes.

Responding to the 14 Recommendations

The Independent Review made 14 recommendations. These included the Code's structure, enforceability, remuneration, conflicts of interest disclosure, client vulnerability protections, professional conduct, renewal and record-keeping, IBCCC investigations, and Code governance arrangements.

NIBA supports six key recommendations to strengthen consumer protections. These include: extending remuneration disclosure to all retail clients, with a reasonable adjustment period (including small business retail clients), improved protections for vulnerable clients, a 28-day renewal contact period, new record-keeping standards, and instituting a minimum five-year independent review cycle. These changes aim to promote transparency, strengthen client safeguards, and ensure regular Code oversight.

NIBA has concerns about some recommendations and has proposed alternatives based on new research and member consultations. For recommendations regarding the Insurance Brokers Code Compliance Committee, NIBA will address them through updates to the IBCCC's governance and Charter, not in the Code itself. This keeps oversight and compliance while preserving Code clarity.

A major commitment is a plain-English rewrite of the Code. This will clearly explain what clients can expect from their professional insurance broker.

NIBA is committed to ensuring the Code sets high standards to meet consumer and regulatory expectations and advance professionalism in insurance broking.

"Codes are about trust and confidence. NIBA is committed to high standards for professional conduct," said CEO Richard Klipin. "We have been clear about where we agree or differ. The result will be a Code with real consumer benefits, understandable to clients, and clear guidance for professionals."

NIBA will engage with members to discuss the recommendations and gather input on implementation approaches. Member and stakeholder feedback will help guide the development of a comprehensive draft of the revised Code that incorporates accepted recommendations and proposes approaches to matters requiring further consideration.

Next Steps

NIBA is committed to an open and consultative Code Review process. Phase 3 consultations on Code enhancements will begin in Q1 2026 with members and stakeholders. This includes forums, education sessions, and direct discussions about practical changes to the Code.

Phase 4 will involve developing and publicly reviewing the revised Code including the integration of supported recommendations and outcomes of the Phase 3 consultation process, in Q2 2026. NIBA will then release the 2026 Code and support members, broader stakeholders and consumers understand and implement the updated Code through the implementation period.

Di Phelan, Chair of the Code Review Committee, noted strong engagement throughout the review. "The profession is committed to improvement. We now move to the next phase—consulting members and stakeholders to develop a revised Code reflecting best practice for Australians."

A detailed response to the Independent Review is available here.