NIBA welcomes 2024 IBCCC Annual Data Report
Media Release
The National Insurance Brokers Association (NIBA) welcomes the release of the Insurance Brokers Code Compliance Committee’s (IBCCC) 2024 Annual Data Report and acknowledges the important role the report plays in promoting transparency, good practice and continuous improvement across the broking profession.
The report shows an increase in the number of breaches reported by subscribers. This trend reflects the strong compliance frameworks and oversight mechanisms in place within broking firms, as well as the continued commitment to identifying, reporting and addressing Code breaches.
This year’s report marks the first time brokers have reported against section 6.1 of the Code for a full 12-month period. While an increase in the number of breaches in this area was anticipated, NIBA will continue to work closely with members to support understanding and implementation of the Code’s remuneration disclosure obligations.
NIBA Chief Executive Officer Richard Klipin said the report is a valuable tool for strengthening Code compliance and lifting professional standards across the sector. “The Annual Data Report provides a clear picture of how the Code is operating in practice, and where improvements can be made,” Mr Klipin said. “Importantly, it highlights the seriousness with which brokers take their compliance responsibilities, and their commitment to putting their clients’ interests ahead of their own.”
Insights from the 2024 report will directly inform the independent review of the Insurance Brokers Code of Practice now underway. These findings will help ensure the Code continues to meet the evolving needs of clients, remains practical and relevant for brokers, and upholds the high standards expected of the profession.
NIBA thanks the IBCCC for its ongoing oversight and valuable engagement with the profession. NIBA is determined to ensure the Code remains a benchmark for professionalism and client care. We will continue to work with the IBCCC and our members to lift standards, strengthen compliance, and safeguard the trust that is at the heart of every broker–client relationship.