Your rights under the Code
The Code has been developed to:
- promote high standards of client service
- maintain a benchmark of consistency within the industry
- establish a framework for professional behavior and responsibilities
- promote professional, informed and effective relationships between insurance brokers and their clients, insurers and other stakeholders in the insurance broking industry.
The Insurance Brokers Code of Practice was developed to improve service standards for clients who engage insurance brokers for assistance with obtaining insurance. It was also developed to build trust between insurance brokers and consumers knowing that particular standards will be met.
Insurance brokers who subscribe to the Code commit to the obligations of the Code and abide by 12 service standards when dealing with you and your insurance needs.
The Insurance Brokers Code Compliance Committee (the Committee) is an independent body that administers and enforces the Code. Our aim is to improve the insurance broking industry’s service to clients by monitoring compliance, providing education and support, and working with insurance brokers to fix issues that are identified.
If you make a complaint to your insurance broker, they are required to keep you updated while progressing the complaint. They will also need to advise you of complaint decisions within an appropriate timeframe and provide information at specific points during the complaint process. The insurance broker will also provide you with contact information for the Australian Financial Complaints Authority if you are not happy with the progress or outcome of your complaint.
The insurance broker will abide by the Privacy Act when they collect, use, store, or disclose information about you. If you request this information, it will be provided within timeframes relevant to personal information access requests.