Raising the Bar for Client Clarity: NIBA Opens Final Consultation on Draft Code

The National Insurance Brokers Association (NIBA) has today opened the final draft of its rewritten Insurance Brokers Code of Practice for public consultation. The draft Code rewrites brokers’ obligations in plain English, strengthens protections for clients, and gives clients clearer visibility into what their broker is paid — a considered step that raises professional standards while keeping professional advice accessible for clients who rely on it. Following this consultation, a final Code will be settled later this year.

The draft is the product of two rounds of extensive consultation. The independent review by cameron.ralph.khoury (‘crk’) drew eighteen written submissions — including one prepared on behalf of twenty-three consumer organisations — alongside nine individual meetings and four roundtables with brokers, regulators, consumer advocates and dispute-resolution bodies. NIBA then ran an extensive consultation on the review’s findings to inform the code rewrite, including eleven member workshops with more than eighty brokers, fourteen written submissions, three member surveys, and a webinar that drew more than 650 registrations. NIBA has worked through each of the reviewer’s recommendations, adopting those that lift standards and improve client outcomes, and will now begin working with the Insurance Brokers Code Compliance Committee (IBCCC) on the matters best progressed through the Committee.

“NIBA thanks the profession and other stakeholders for their strong and passionate engagement over the last 12 months,” said NIBA President Nick Cook.

“NIBA has taken on board the feedback, and today's release delivers an enhanced Code that includes eight substantial enhancements for clients — from plain-English obligations and dollar figure remuneration disclosure to stronger protections for vulnerable clients and management of conflict of interest. That reflects a profession prepared to hold itself to a higher standard and to keep listening, and we now want to hear from members,
clients, regulators and the wider community before it returns to the Board for sign off,” said Mr Cook.

At the heart of the rewrite is a better deal for clients. The Code has been rewritten in plain English so that clients and brokers alike can understand what to expect. On remuneration, clients will now receive a dollar figure—not just a percentage—on their invoice, and any client can ask their broker what they are paid at any time and receive that figure in dollars, regardless of the product involved. The draft also extends remuneration disclosure to all strata insurance, both residential and commercial, recognising the owners' corporations that arrange that cover on behalf of the residents who rely on it ultimately.

The draft Code also strengthens protections for vulnerable clients, aligns how brokers identify and manage conflicts of interest with ASIC’s regulatory guidance, introduces a 28-day pre-renewal contact commitment, elevates record-keeping as a Code obligation, and establishes a minimum five-year cycle for independent reviews to ensure the Code remains current with the profession and the clients it serves.

“Codes are fundamentally about trust, and trust is built by being transparent with clients, treating them fairly, and pushing the profession to keep improving,” said NIBA CEO Richard Klipin.

“We’ve heard the views of members, consumers and regulators, and this Code focuses on change where it most improves the client’s experience. We have been deliberate about doing that in a way that keeps professional advice accessible and affordable for the people who ultimately benefit,” said Mr Klipin.

The importance of getting this right is evidenced by client insights. NIBA’s Complexity to Clarity research revealed that 84% of clients trust their broker to act in their best interest, 91% say their broker has helped them achieve a better outcome, and — when it matters most — 95% consider their broker essential at claim time, with 98% of claims ultimately being resolved. The draft Code aims to uphold and signal this trusted relationship, while supporting brokers in delivering it.

“This review asked a great deal of the profession — eleven workshops, hundreds of pieces of member and stakeholder feedback, and a genuine willingness to change,” said NIBA Code Review Committee Chair Di Phelan.

“What has come through is a Code designed to continue supporting clients and practical for brokers of every size. Getting both right, rather than trading one off against the other, is what makes this a Code that the profession can stand behind,” said Ms Phelan.

NIBA invites all members, clients, regulators and stakeholders to take part in the consultation, which opens on Wednesday, 8 July and closes on Friday, 7 August 2026.

Feedback will inform the final Code before it returns to the NIBA Board for approval. An appropriate transition period will apply to new obligations, recognising the system and process changes brokers will make to deliver them.