Yesterday marked the beginning of a new era in the Australian financial services industry. The FSRA came into effect, changing forever intermediaries’ role in the insurance process. They now have two years in which to secure an AFS Licence. For some, the next couple of years will involve massive adjustments as they and their companies are brought into line with the legislation.

NIBA CEO Noel Pettersen said the new Act will lead to an increase in professionalism for all those involved in financial services. “Expert advice is what consumers deserve, and through this new legislation consumers will get just that.”

March 11 was also doubly significant for NIBA. Yesterday it threw open its doors to a much wider range of insurance professionals, including life and general agents, non-member brokers and underwriting agents. It’s understood a large number of applications have already been received from interested industry professionals and companies.