Starting 10 July 2025, brokers providing personal advice to retail clients must meet new informed consent obligations introduced by ASIC. Before receiving any commission or placing cover, brokers must clearly disclose the insurer’s name (if known), the commission rate or range, payment frequency and duration, the nature of services provided, and a statement explaining the legal requirement for consent. The client’s consent must be explicit, informed, and documented—mere silence or invoice payment is not enough. These obligations are distinct from the Insurance Brokers Code of Practice, which separately requires disclosure of the actual dollar amount of commission after product recommendation. Brokers must now comply with both.
With the deadline fast approaching, the need for action is urgent. Brokers must review how they identify retail clients, map their advice journey, and implement standardised consent processes across their business. Without valid consent, commissions cannot legally be accepted - forcing brokers to shift to a fee-for-service model or forgo remuneration. This is a critical compliance issue but also a powerful opportunity to lead with transparency, build trust, and strengthen client relationships. Join us for this pivotal webinar to enhance your understanding of the new requirements, and what they mean for you.