What protections are in place for consumers?

As well as the security provided by the Qualified Practising Insurance Broker (QPIB) status, all NIBA member brokers are duty bound to adhere to the Insurance Brokers Code of Practice.

The Code sets out the minimum service standards you can expect when you use an insurance broker and outlines what you need to do in the unlikely event you have a complaint to make.

Fortunately, disputes involving insurance brokers are few and far between. Indeed, according to the most recent figures released by the Financial Ombudsman Service (FOS), only 3.8% of general insurance disputes involved brokers.

All brokers listed on Need a Broker subscribe to the Code of Practice. Just another reason why you can be so sure you’re in good hands when you use this service. You can read more about what the Code means for consumers here.

The Insurance Brokers Code of Practice was developed by the National Insurance Brokers Association of Australia (NIBA) and is independently monitored by the Code Compliance Committee.

About NIBA

NIBA is the peak body of the insurance broking profession in Australia and represents around 320 member firms and more than 2000 individual Qualified Practising Insurance Brokers (QPIBs) throughout Australia. In total NIBA represents an estimated 90% of all insurance brokers in Australia.

The member firms all hold an Australian financial services (AFS) licence, issued by the Australian Securities and Investments Commission (ASIC) under the Corporations Act, which enables them to deal in or advise on Risk Insurance products.

NIBA members include large multinational insurance brokers, large Australian-owned insurance brokers, and nearly 300 small to medium sized insurance broker businesses located in the cities, towns and regions across Australia.

NIBA College, meanwhile, is the education arm of NIBA and offers membership and educational services, including professional certification and continuing professional development. The College is a Registered Training Organisation and provides national qualifications via distance education and workshops, as well as a range of elearning courses, seminars and CPD programs.

You can find out more about NIBA and its operations on their official website.

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