ASIC has approved the registration of the brokers’ dispute facility as a recognised alternative dispute resolution scheme. It will now be known as Insurance Brokers Disputes Limited as it cuts its formal ties with NIBA. The association’s President, David Harris, announced the change at the opening ceremony of this year’s NIBA Convention in Adelaide on Sunday.

The move is a major victory for NIBA, with many industry sources speculating last year that the brokers’ facility would not be allowed to operate on its own and would be forced to amalgamate with the much larger Insurance Enquiries & Complaints. Now that it has been approved by ASIC as a consumer complaints scheme, IBDL will be regarded as a separate entity from NIBA from January 1.

It will be governed by a board with an individual chairperson, two consumer representatives and two industry representatives. The present manager of the facility, Daniela Kirchlinde, will become GM of IBDL.

NIBA CEO Noel Pettersen said the transition will ensure the continuation of a very worthwhile service for brokers and their clients. “We are thrilled that ASIC has approved the entity,” he said.