The chairman of the parliamentary inquiry into the Future of Financial Advice reforms has rejected the National Insurance Brokers Association’s (NIBA) call for a review of the legislation.

A spokesman for Parliamentary Joint Committee on Corporations and Financial Services Chairman Bernie Ripoll told insuranceNEWS.com.au there is no need for a post- implementation review of the legislation.

“Mr Ripoll stands by statements that no further reviews will be needed on FOFA,” he said.

Opposition spokesman on financial services Mathias Cormann has also called for a review of the legislation and this too has been rejected by Mr Ripoll.

NIBA called for the review in a further submission to the inquiry to avoid any “unintended impact” on the general insurance industry.

The inquiry report is due to be handed down on February 29.