NIBA continues to lobby the Federal Government over what CEO Noel Pettersen says are “many issues” associated with the new Financial Services Reform Act. In a note to members, he said important changes have been achieved in the majority of cases, making the new requirements “more practicable for insurance brokers”.

The March 11 deadline for the FSRA’s introduction – and the beginning of the two-year introduction period – is rapidly approaching. Mr Pettersen said ASIC has now released most of its policy statements setting out what is expected of licensees under the new regime.