Industry experts are studying new draft regulations giving effect to the financial services reform refinement proposals released by the Federal Treasury this morning.

The regulations include provisions which may significantly reduce the burden on licensees when giving personal advice about general insurance to retail clients.

National Insurance Brokers Association (NIBA) CEO Noel Pettersen says the regulations are being closely examined to ensure they meet the needs of insurance brokers. He says the association’s only concern is that the Australian Securities and Investments Commission (ASIC) and Treasury will narrowly interpret the proposals’ workability in relation to insurance brokers.

“Once we have had time to digest the material we will be in touch with regard to a NIBA response,” he told Sunrise Exchange News. “NIBA has already provided both ASIC and Treasury with comments on all proposals and is consulting regularly with both organisations.”

David Love, Treasury’s Manager Corporation and Financial Services Division, will provide an early update on the draft regulations on Sunday at NIBA’s annual convention at the new Gold Coast Convention and Exhibition Centre.

Sunrise Exchange News will bring you a summary of industry reactions tomorrow.