New Zealand brokers have been encouraged to accept continuing professional development as a standard feature of their work from now on.

Insurance Brokers Association of New Zealand (IBANZ) CEO Gary Young says a roadshow for members held in 10 centres around the country has explained how brokers are required by new regulations to “have the skills to do the job of a broker” without those skills being clearly defined.

While financial advisers are bound to follow minimum standards of professionalism, ethics, qualifications and experience, the New Zealand regulators have not given brokers any specific rules to follow.

“That makes things quite frustrating for brokers,” Mr Young told insuranceNEWS.com.au. “They have to be skilled without knowing what the expected level of skill really is.”

He says IBANZ College has nevertheless developed a range of courses to help members lift their skills and to understand issues they must now abide by, such as conflicts of interest.

Meanwhile, IBANZ moved to new offices in the Auckland CBD today. It is sharing the premises at 280 Queen Street with the Professional Advisers Association, which represents financial services intermediaries.

Mr Young says the new location puts IBANZ and its services “closer to many members and to insurers”.