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Compliance committee criticises draft broker code

April 27, 2021

The Insurance Brokers Code Compliance Committee has criticised a draft update of the code of practice for failing to sufficiently elevate cultural and behavioural standards and has called for a stronger stance on conflicts of interest.

“The code must go beyond the law wherever possible,” the committee says. “For the code simply to restate the law is a waste of time, dangerous and misses the point.”

A discussion paper released earlier this year alongside amendments suggested by the National Insurance Brokers Association (NIBA) says proposed changes seek to extend standards beyond legal obligations.

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