Regulatory

This section provides timely updates on legislative and regulatory developments, as well as practical resources to help members understand and comply with their obligations.

NIBA’s Policy and Advocacy team monitors changes across federal and state regimes, engaging with regulators and government to represent the interests of brokers and their clients. Here you will find information on current reforms, recent updates, and guidance materials designed to support your practice.

We encourage members to visit this section regularly to stay up to date and to access tools and insights that help navigate regulatory change with confidence.

The Government’s response to the Quality of Advice Review is set to introduce significant reforms aimed at improving the delivery of financial advice, including insurance advice provided by brokers. These changes are expected to affect informed consent, disclosure requirements and aspects of professional conduct. The reforms will be implemented in two tranches.

Tranche 1 will introduce flexibility for brokers to provide Financial Services Guide (FSG) information via website disclosure, alongside new requirements for obtaining informed consent for the payment of general insurance commissions.

Tranche 2 will include changes to Statements of Advice, modernisation of the Best Interests Duty, removal of the current best interests duty ‘safe harbour’ and the introduction of a new class of adviser.

NIBA is actively engaging with policymakers to ensure the broking profession’s perspective is understood and reflected in the final reforms, and will continue to keep members updated as further details emerge.