After much discussion, and the odd delay, the National Insurance Brokers Association will implement its new Insurance Brokers Code of Practice from January 1 next year.

The association says the updated code will address the changing regulatory landscape that insurance brokers have faced since the introduction of the Financial Services Reform Act.

“There’s been a complete change in the legislation,” NIBA CEO Noel Pettersen told Sunrise Exchange News. “We needed to update the code of practice to match.”

The update also created an opportunity to expand the code’s reach beyond standard retail brokers. The new version will also apply to wholesale businesses and other non-retail classes. Further, it offers extensive professional guidance for brokers in their dealings with clients.

“The Australian Securities and Investments Commission (ASIC) has seen the draft code and suggested some small changes,” he said. “But it needs to be approved by brokers, not ASIC.”

The code will be administered and enforced by IBD.

NIBA will officially launch the code at its convention on the Gold Coast in October. Before then, it will concentrate its efforts on promoting it and training its members.