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Playing catch-up: INsight podcast welcomes broker code review progress

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The National Insurance Brokers Association’s discussion document on proposed changes to the Code of Practice was the key talking point for the latest Insurance News podcast, INsight.

INsight is hosted by Insurance News Managing Director Andrew Silcox and features the observations of Insurance News Publisher Terry McMullan, Managing Editor John Deex, our team of journalists, and occasional guests.

In the latest episode, Mr McMullan says the long-awaited code review could be a vital tool in preventing regulators from imposing unwanted reform on the industry.

As has reported, stakeholders previously expressed serious concern over the delayed review process that was intended to start in 2017.

“It just shows you how many things have got in the way,” Mr McMullan said. “It desperately needs to be updated.”

Among the list of proposed changes is greater remuneration transparency, which Mr McMullan says has been talked about for “at least 30 years”.

“It is a huge issue and it needs to be seriously considered. The continued focus by the regulators on so-called conflicted remuneration is something that could be ameliorated somewhat by a much greater focus on ways to communicate with the client.

“The risk is always that if you don’t keep up and you don’t make changes in line with where the other industries are going, you’ll have change imposed on you.”

You can find a new episode of INsight published here every Wednesday.