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NIBA has made submissions to two ASIC consultations on proposed changes to Regulatory Guide 183 on approval of financial services sector codes of conduct and Regulatory Guide 181 on managing conflicts of interest.
These submissions reinforce NIBA’s commitment to representing the broking profession and ensuring that regulatory reforms are proportionate, practical and supportive of positive consumer outcomes.
In its submission on RG183, NIBA emphasised the diversity of the financial services sector, highlighting the key differences between product manufacturers and distributors such as insurance brokers. NIBA argued that ASIC’s guidance must be flexible and proportionate, ensuring obligations are meaningful and achievable across this diverse landscape. The submission welcomed ASIC’s proposed updates to reflect legislative reforms, clarify ASIC’s role and the code approval process and simplify RG183.
ASIC’s consultation paper on RG181 concerned changes to ASIC guidance on AFS licensees’ obligation to manage conflicts of interest. NIBA supported many of the proposed changes including the addition of illustrative examples of conflicts, guidance on “adequate arrangements”, and a roadmap signposting related obligations. The submission called for guidance to remain principles-based and materiality-driven, with operational clarity of documentation, record-keeping, and risk-based controls. NIBA also made a number of recommendations to clarify key areas for insurance brokers. ASIC expects to publish the updated regulatory guide in December 2025.
Through these submissions, NIBA reinforces its role as the voice of the broking profession, ensuring that the sector is properly considered in the development of key regulatory reforms. By engaging directly with ASIC, NIBA is working to secure outcomes that enhance consumer protections, while ensuring that the regulatory framework practical, proportionate, and sustainable for brokers across Australia.
