Three brokers have been sanctioned by the profession’s code compliance committee for failing to meet breach and complaint data reporting obligations.

The trio missed their disclosure deadlines for a third straight year.

Committee chair Oscar Shub says the annual compliance statements are a “basic and essential” obligation for code subscribers.

“When brokers repeatedly fail to meet this commitment, it raises real questions about their systems, their governance and, ultimately, their commitment to professionalism,” he said.

The three brokers failed to meet the latest March 31 self-reporting deadline, despite direct reminders from the committee and notices published by the National Insurance Brokers Association.

Each cited different reasons, ranging from system issues to work pressures, but the Insurance Brokers Code Compliance Committee says these explanations were insufficient given the importance of the obligation and the time they had to prepare.

“Every business faces competing priorities, but three consecutive years of missing a deadline signals a deeper problem. This was not just a one-off oversight,” Mr Shub said.

The committee found systemic breaches of section 11.4 (b) of the code and sanctioned the brokers by referring them to NIBA for action under its membership rules.

“This outcome should serve as a warning to all brokers,” Mr Shub said. “Timely reporting is not a box-ticking exercise – it reflects the integrity of your business and your commitment to the code.”

The sanctioned brokers eventually submitted their statements and have moved to improve internal processes, the committee says. Steps included fixing administrative issues and reviewing internal compliance systems.

Mr Shub says if a broker anticipates missing a deadline, early engagement is key, especially if they need support or extensions.

The three brokers were sent warning letters last year, but none requested an extension.

The compliance committee has noted a general improvement in reporting timeliness over the past three years, with the number of brokers missing the deadline falling from 86 in 2023 to 11 in 2024. Repeated warnings and widespread engagement resulted in most brokers that previously missed a deadline reporting on time this year, it says.