NIBA welcomes IBCCC Annual Report

The National Insurance Brokers Association (NIBA) welcomes the Insurance Brokers Code Compliance Committee’s (IBCCC) 2023/24 Annual Report.

We appreciate the work undertaken by the IBCCC to promote good practices and improved client outcomes in the intermediated insurance profession. The increase in the number of Subscribers self-reporting breaches reflects the success of the work undertaken by the IBCCC and the NIBA Working Group to simplify and streamline the reporting process.

While we acknowledge the IBCCC’s concerns, particularly around remuneration disclosure, it is important to highlight that this obligation only took effect in November 2023 and so comparisons to previous reporting periods may not be an accurate reflection of the significant work undertaken by our members to implement the new Code obligations.

We commend the IBCCC and the Code team for their efforts over the 2023/24 Financial Year and look forward to continuing engagement and collaboration.