The National Insurance Brokers Association says a final report from its independent code reviewer will be released “imminently”, after warning members “compromise will be required”.

Speaking at last week’s Gold Coast convention, NIBA president Nick Cook told delegates “not everyone is going to get what they want” from the new code, but the peak body refuses to “stand still”.

After delivering the call for compromise at the conference, Mr Cook today said the board is “focused on ensuring the code is fit for purpose now and into the future”.

In an update from the association, he added: “The code review is a key opportunity for NIBA to demonstrate leadership on behalf of all brokers. We must ensure we understand client expectations, as well as get clarity around how those expectations might evolve into the future.”

NIBA appointed independent reviewer Phil Khoury from law firm crkhoury in November, and he published a consultation document in late February. The document addressed key issues including remuneration disclosure requirements, which became a long-running flashpoint during the last code review. 

About four weeks ago, NIBA confirmed Mr Khoury had provided a draft report and said the board was “dealing with that, with a view to finalising it”.

Today, NIBA said the independent reviewer’s final report “is due imminently, and will be released to members for feedback and consultation once available”.

NIBA past president Di Phelan said: “Phil and his team have led this review with professionalism, clarity and care, listening closely to key stakeholders and grounding his analysis in best practice.”

The association says the review has already attracted “strong engagement” from members, industry stakeholders and regulators.

It says guiding principles of transparency, modernisation, accessibility, flexibility and efficiency have ensured the review is thorough and delivers “meaningful outcomes”.

“Codes are central to building trust and confidence with clients, regulators and the broader community,” NIBA CEO Richard Klipin said.  

“The review represents a pivotal moment for us in maintaining our high professional standards, clarifying consumer expectations, and restating our professionʼs commitment to self-regulation.”