Insurance brokers have moved beyond trying to understand the financial services reforms. Now they’re fully engaged in dealing with compliance procedures, says NIBA Professional Development Executive Linda Evans.

“It’s now really a case of ‘all systems go’”, she said. “Now that it’s come to the practical level, brokers are asking lots of questions, which shows they are actually working through ways of dealing with compliance procedures. The overall approach has been one of finding workable solutions for their business and there haven’t been any major hassles yet.”

Ms Evans said business structure issues are the main concern for medium-sized brokerages. Brokers are having to understand “how they’ve got to set up their business relationships and recognise opportunities with their business service providers and representatives.”

ASIC is asking brokers to ensure they provide accurate information in their applications. “Accuracy is particularly important with supporting documents and material, so they can easily cross-reference the information provided,” she said.