The National Insurance Brokers Association (NIBA) has joined with the Investment and Financial Services Association and the Financial Planning Association to devise a “plain English” guide for statement of advice (SOA) completion and a model financial services guide (FSG).

The model FSG has been successfully “consumer-tested” by the Communication Research Institute of Australia.

The SOA guide was developed by a working party drawn from the three associations and converted to plain English by academic Bill Tearle of the University of Technology, Sydney.

NIBA Life Broker Committee chairman David Squire said the associations have co-operated to assist their members in communicating with clients under the Financial Services Reform Act, and NIBA CEO Noel Pettersen said the two guides “will be invaluable for NIBA members when adapted for insurance broking”.

The new plain English SOA guide and model FSG will be available soon to download from the associations’ websites.