Work to revise the broking code of practice has moved to the draft phase as the National Insurance Brokers Association considers feedback from a consultation launched in February.

The consultation followed a report featuring 14 recommendations by independent reviewer Phil Khoury. NIBA supported six of the recommendations and raised concerns on others.

The association says it received more than 200 contributions to the consultation and 15 written submissions.

It held 11 member and stakeholder workshops with 81 participants, and two surveys that drew more than 100 responses from brokers.

“Taken together, the contributions represent the views of more than 10,000 insurance brokers across Australia, from sole practitioners through to the country’s largest broking networks and global firms,” NIBA said.

Association CEO Richard Klipin said: “There was robust engagement throughout this consultation. 

“Brokers, consumer groups and regulators alike came to the table prepared and committed to lifting professional standards in the interests of the consumers and businesses who rely on broking advice.”

Code review committee chair Dianne Phelan says the feedback set a strong foundation for the draft phase.

“Throughout the consultation, we heard from practitioners at every level of the profession, from the consumer advocates and regulators who see the code tested in real situations, and from the dispute resolution bodies that sit at the sharp end of it,” she said.

“That depth and diversity of input across a variety of touchpoints is invaluable.”