The National Insurance Brokers Association has urged the Federal Government to leave the insurance broking sector out of its proposed changes to managed investments.

In a submission to the parliamentary joint committee inquiry into financial products and services, CEO Noel Pettersen says the association would be concerned if changes to overcome perceived deficiencies with managed investments were to apply to broking.

“Investment and risk insurance products are very different, and regulatory changes to overcome recent managed investment scheme collapses would be inappropriate for insurance and insurance broking,” he said.

The committee is investigating issues around recent financial product and service provider collapses and will report by November 23.