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Too many brokers still not up to scratch, says IBD

An annual audit by Insurance Brokers Disputes (IBD) of 100 randomly selected insurance brokerages has found that although brokers’ documentation skills have improved, 40% couldn’t provide satisfactory documents for all requirements.

IBD tested broker compliance with its terms of reference and the brokers’ code of practice, including written procedures in regards to internal dispute resolution, effective systems for monitoring complaints and advising clients about IBD’s role.

GM Daniela Kirchlinde said four members have still not complied with the audit and will be reported to ASIC unless they present the relevant information by the end of July.