FCVic, together with our state and territory financial counselling peak partners, made a joint submission to the National Insurance Brokers Association’s (NIBA) consultation on the draft 2027 Insurance Brokers Code of Practice. Drawing on financial counsellors’ direct experience assisting clients affected by poor broker practices, insurance disputes, claims failures, underinsurance and vulnerability, the submission finds that while the draft Code is clearer and more accessible, it falls short of requiring compliance with the professional behaviour it describes.

The submission highlights recommendations that remain unaddressed, including clear broker due diligence obligations, written Statements of Advice, standardised disclosure templates for remuneration and conflicts of interest, and defined timeframes for claims handling. It argues that genuine self-regulatory credibility depends on enforceable, measurable standards rather than clarity alone, and offers to participate in further consultation workshops.

Co-signed by:

• Financial Counselling Queensland (FCQ)
• South Australian Financial Counsellors Association incorporating Northern Territory (SAFCA)
• Financial Counsellors Australian Capital Territory (FC-ACT)
• Financial Counselling Western Australia (FCWA)