IBCCC raises concerns over broker reporting accuracy

IBCCC raises concerns over broker reporting accuracy | Insurance Business Australia

Insurance News

IBCCC raises concerns over broker reporting accuracy

New guidelines released

Insurance News

By
Roxanne Libatique

The Insurance Brokers Code Compliance Committee (IBCCC) has raised concerns over inaccuracies found in breach and complaint reports submitted by brokers in their Annual Compliance Statements.

The IBCCC is stepping up its oversight efforts on the accuracy of these reports, particularly as the deadline for the upcoming annual compliance statement submissions draws near. The committee has released essential guidance aimed at assisting brokers to enhance their reporting practices.

IBCCC chair Oscar Shub emphasised the need for brokers to adhere to the highest standards of transparency and accountability in their reporting.

“It is imperative that brokers uphold the highest standards of transparency and accountability in reporting breaches and complaints,” he said. “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.”

Guidance on broker reporting practices

To combat these reporting challenges, the IBCCC’s guidance is designed to encourage brokers to reexamine how they report, with the objective of ensuring statements are accurate.

Shub emphasised the significance of reporting any breaches or complaints as a means to improve practices and deliver superior outcomes for clients.

“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,” he 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 will closely monitor the situation and is advocating for higher standards throughout the industry.