New Zealand brokers are making slow but steady progress towards a unity vote in August, with a bulletin to members of the two broker associations saying the possible introduction of Australian-style financial services reforms are being dealt with as a united front.

The Corporation of Insurance Brokers of New Zealand (CIBNZ) and the Independent Insurance Brokers Association have formed a joint council, the Insurance Brokers Association of New Zealand (IBANZ). Now CIBNZ President Frank Thompson says a joint lobby committee is considering a submission to the NZ Government over the options being considered as the country moves away from its minimal-regulation model.

In a report to members in the IBANZ magazine Cover Note, he says a new Government paper on regulation of financial services intermediaries “talks about the need to align NZ with Australia and using the Financial Services Reform Act”.

Mr Thompson says the next step will be a discussion paper on general insurance intermediaries, due in June. “As a general statement, we are keen to work with insurers if possible and will be entering into discussions with them.”