NIBA Welcomes IBCCC's Annual Report, Highlighting Efforts to Uplift Standards

NIBA, who worked closely with the IBCCC over the 2023/24 Financial Year, welcomed the report’s emphasis on promoting good practices and improving client outcomes.

NIBA has praised the Insurance Brokers Code Compliance Committee (IBCCC) for its 2023/24 Annual Report, highlighting the ongoing efforts to uplift standards in the insurance broking profession.

NIBA, who worked closely with the IBCCC over the 2023/24 Financial Year, welcomed the report’s emphasis on promoting good practices and improving client outcomes. NIBA was particularly encouraged by the rising number of brokers self-reporting breaches—a development attributed to collaborative efforts between the IBCCC and NIBA's Working Group. These efforts have focused on simplifying and streamlining the reporting process, making it easier for brokers to monitor and report their compliance with the 2022 Insurance Brokers Code of Practice. 

The IBCCC's report highlighted a number of key areas of focus for 2023/24, including improving breach reporting accuracy and tackling under-reporting by brokers. It also detailed several initiatives aimed at supporting brokers in navigating their obligations under the revised Code. 

Remuneration disclosure remains a critical area of attention. The report noted a rise in breaches related to this issue, with 106 reported breaches in 2023 compared to 23 in 2022. The IBCCC continues to push for greater transparency and professionalism within the industry, viewing remuneration disclosure as essential to client protection.  

In a statement to media, NIBA noted that while it recognises the IBCCC's concerns regarding remuneration disclosure, the obligation to disclose remuneration to Retail Clients only came into effect in November 2023. As such, comparisons with previous reporting periods might not fully reflect the significant work NIBA members have undertaken to implement these new obligations. Despite these challenges, NIBA remains committed to collaborating with the IBCCC to ensure continued progress. 

As the industry looks ahead to the review of the Code, both NIBA and the IBCCC are committed to maintaining high standards in insurance broking and ensuring that brokers uphold their obligations under the Code.