New laws requiring general insurance brokers to obtain commission consent from retail clients receiving or likely to receive personal advice will start on July 10 next year.

The start date was finalised when the legislation received royal assent following its passage in parliament more than a week ago.

Brokers now have a year to make the changes needed to comply with the regime. The consent and disclosure rules also apply to life insurance brokers with retail clients.

The National Insurance Brokers Association has said it will work with members to support them in meeting the legislation.

The Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill 2024 implements the first tranche of reforms arising from the Quality of Advice Review.

Federal Financial Services Minister Stephen Jones says the second tranche will be developed in the second half of the year. Proposals include expanding the provision of advice by financial services institutions such as general insurers.