The Insurance Brokers Code Compliance Committee (IBCCC) has observed too many instances of brokers failing to accurately report breaches and complaints in their Annual Compliance Statements.
In an effort to address this concerning trend, the IBCCC is intensifying its scrutiny of reporting practices, particularly in anticipation of the upcoming Annual Compliance Statement submissions, and has published important and timely guidance for brokers.
Oscar Shub, Chair of the IBCCC, emphasised the expectation of quality reporting from brokers.
“It is imperative that brokers uphold the highest standards of transparency and accountability in reporting breaches and complaints,” said Oscar Shub, Chair of the IBCCC.
“Reporting zero breaches and complaints throughout an entire year is not indicative of flawless compliance but rather raises questions about the effectiveness of internal reporting mechanisms.”
To help address the issue, the IBCCC has published comprehensive guidance to help brokers consider their reporting practices seriously and ensure accurate reporting in their Annual Compliance Statements. The guidance underscores the importance of transparent reporting and emphasises the role that reporting plays in maintaining trust and integrity in the industry.
“To make improvements and to work towards practices that deliver better outcomes for clients, it is essential that brokers identify and report any breaches or complaints,” Mr Shub said.
“Reporting breaches allows brokers to understand issues and learn from them. Also, consumers rely on brokers to act in their best interests, and accurate reporting is fundamental to maintaining that trust.”
The IBCCC remains committed to monitoring reporting practices closely and will continue to push for improved standards across the industry.
Brokers are reminded of their obligation to adhere to the Code of Practice and ensure full and proper reporting in their Annual Compliance Statements.