Brokers have until November 1 to prepare for the new Insurance Brokers Code of Practice, launched last week.

The National Insurance Brokers Association (NIBA) says the new document includes a ban on preferential remuneration, increased disclosure requirements and an obligation to identify and support vulnerable clients.

It also includes an obligation for brokers to report other brokers over breaches, and the possibility of naming and shaming those that have breached the code.

“The new code ... is the product of an extensive review and consultation process, undertaken by an independent reviewer,” NIBA President Dianne Phelan said.

“On behalf of the NIBA Board, I am proud to deliver this new code to our members. The NIBA Board and I decided a new Insurance Brokers Code of Practice should be built from the ground up, one which exceeds the law and holds members to a higher standard.

“I am very pleased to say that we have achieved this. But ultimately, this is not our code, it is the brokers’ code.”

Click here to see the new code.