An increase in reported breaches of the Insurance Brokers Code of Practice in 2024 will help shape an ongoing independent review of the industry’s standards, according to the National Insurance Brokers Association (NIBA).
The latest figures come from the Insurance Brokers Code Compliance Committee’s (IBCCC) 2024 Annual Data Report, which tracks how brokers are meeting their obligations under the Code. This year marks the first time brokers have reported a full 12 months of data under section 6.1, which covers remuneration disclosure.
NIBA said a higher breach count in this category had been expected and would remain a focus for member support and education.
According to the IBCCC, reported breaches increased by 19% compared to the previous year, a rise it says reflects a maturing compliance culture in the sector. However, 42% of brokers reported no breaches or complaints at all – figures that IBCCC chair Oscar Shub cautioned could signal gaps in internal oversight rather than perfect compliance.
More than a third of recorded breaches involved failures in client communication, particularly where brokers did not inform clients at least 14 days before policy renewal. Breaches relating to remuneration disclosure saw the sharpest growth, jumping from 42 in 2023 to 334 in 2024, which the IBCCC linked to greater awareness ahead of new informed consent rules on July 10, 2025.
“The Annual Data Report provides a clear picture of how the code is operating in practice, and where improvements can be made. Importantly, it highlights the seriousness with which brokers take their compliance responsibilities, and their commitment to putting their clients’ interests ahead of their own,” said NIBA CEO Richard Klipin (pictured above).
The report also notes that the increased breach numbers may be partly driven by stronger internal compliance systems and oversight in broking firms. NIBA said these mechanisms are central to identifying and addressing issues early.
“NIBA thanks the IBCCC for its ongoing oversight and valuable engagement with the profession… We will continue to work with the IBCCC and our members to lift standards, strengthen compliance, and safeguard the trust that is at the heart of every broker-client relationship,” it said in a statement.
