NIBA / Professionalism
What’s Changing: NIBA’s Response at a Glance The Independent Review made 14 recommendations. The NIBA Board has carefully considered each recommendation and determined our approach. A full summary of all 14 recommendations, including NIBA’s position and planned approach for each, is provided in the Appendix to this paper. For detailed reasoning on each position, please refer to NIBA’s complete Response to the Independent Review, available at niba.com.au/code-of-practice-review.
NIBA’S RESPONSE SUMMARY Support (6 recommendations): Recommendations 3, 6, 8, 11, 12, and 14 — NIBA will implement these recommendations. Alternative approach (4 recommendations): Recommendations 1, 5, 9, and an alternative approach where we address the intent differently. Address in IBCCC Charter (4 recommendations): Recommendations 4, 7, 10, and 13 — addressed through compliance governance arrangements. Not adopting (1 recommendation): Recommendation 2 (contractual enforceability) — Making the Code contractually enforceable for clients would establish a standard that does not exist for professional advice codes in Australia.
NIBA welcomes feedback on how to implement any of the recommendations we are supporting. Your practical insights will help ensure that the revised Code works effectively for consumers and is applied consistently across the profession. General Implementation Feedback For all recommendations NIBA is implementing, we invite your views on: • How the obligation should be framed in the Code to ensure clarity • Practical considerations for implementation across different business models • Appropriate transition timeframes • Guidance materials that would assist with compliance We also invite feedback on the following cross-cutting issues that apply across multiple Code obligations: Engagement with Authorised Third Parties Clients may authorise third parties — such as family members, financial counsellors, accountants, lawyers, or other advisers — to act on their behalf or support them in their dealings with their broker. How should the Code address broker engagement with authorised third parties, and are there current practices that create barriers to effective third-party involvement? Training and Professional Development Effective implementation of Code obligations requires appropriately trained staff. The Code currently requires annual Code training, training for competence, and training on vulnerability. Should these obligations be strengthened or expanded? If so, what additional areas should training cover?
12 / INSURANCE ADVISER FEBRUARY/MARCH 2026
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