The National Insurance Brokers Association will hold a webinar to help brokers prepare for advice reforms requiring clients to provide informed consent for commissions.

The session, moderated by association CEO Richard Klipin, is the first in a series – In Practice: Informed Consent – on the new obligations for brokers and how to meet them.  

It will feature a panel comprising Compliance Advocacy Solutions MD Paul Muir, Curium CEO Tetiana George, and NIBA policy and advocacy head Allyssa Hextell, with a Q&A session to follow.  

The changes, recommended by the Quality of Advice Review, require intermediaries providing personal advice to obtain retail clients’ consent before accepting monetary benefits for a product sale.

Brokers will need to inform clients on the rate of commissions or other benefits received, the providing insurer, and why consent is required.  

“These obligations ... represent a significant change for brokers who provide personal advice to retail clients,” the association said.

“This session is essential for brokers, compliance managers preparing for implementation, those involved in the delivery of personal advice to retail clients, and those who are uncertain if the new laws apply to them.”  

The webinar is on May 26 from 3pm-4pm. Find registration information here.