Codes of Practice

Banking Code of Practice

The Australian Bankers' Association has launched the draft new generation Code of Banking Practice which is the banking Industry's charter on best banking practice standards.

You can view and download the draft new Code of Banking Practice and the Existing Code of Banking Practice from the Australian Bankers Association website or visit the Code Compliance Monitoring Committee website.

General Insurance Brokers Code of Practice

The Code

As of 1 January 2007 the Financial Ombudsman Service Insurance Broking division has been appointed by the National Insurance Brokers Association (NIBA) under an agency agreement to administer and monitor compliance with the new Insurance Brokers Code of Practice. You can also obtain a copy of the new Code from NIBA educational website www.nibacollege.com.au which also offers various training courses and workshops in regards to the Code’s requirements.

All NIBA members will automatically be bound by the provisions of the new Code. However, non NIBA members can also adopt the Code. This is separate to the renewal of your IBD membership.

To subscribe to the Code, please:

complete and return the Deed of Adoption ;
provide written references from two (2) insurance companies; and
include payment of the annual subscription fee of $55.00 (incl GST).

Your application will then be forwarded to NIBA, who will publish your application in its Gazette for scrutiny by members and circulate your application to its divisional committee. NIBA may also request further information, before referring the application to its Board for approval.

For further information about the application process, please contact the Financial Ombudsman Service (info@fos.org.au).

Subscription to the new Code is not compulsory for Financial Ombudsman Service membership. However, the Financial Ombudsman Service will strongly support and advertise Code compliance.

The Financial Ombudsman Service believes that the Code will be an effective tool in the self-regulation of insurance brokers and assist in increasing consumer confidence in the insurance broking industry.

Please click hereto obtain a copy of the procedures which have been developed by NIBA for the purpose of administrating the NIBA Insurance Brokers' Code of Practice.

Insurance Code of Practice

The Insurance Council of Australia launched a new General Insurance Code of Practice (new Code) for the general insurance industry in July 2005.

The new Code took effect on 18 July 2006. It covers all general insurance products except reinsurance, workers compensation, marine insurance, medical indemnity insurance, compulsory third party insurance (even if driver protection cover is linked to it), and life and health insurance products issued by life insurers or registered health insurers.

The new Code is designed to raise service standards for consumers in a number of areas including training of employees and service providers, buying insurance, insurance claims, financial hardship, repair workmanship and materials, responding to catastrophes and disasters, and complaints handling.

You will find a register of companies that have agreed to adopt the Insurance Code of Practice here.

General Insurance Code
of Practice 2007-2008
report now available

The Financial Ombudsman Service General Insurance Division (formerly Insurance Ombudsman Service) today issued the General Insurance Code of Practice overview for 2007-2008.

This overview reports on participating companies’ compliance with the service standards set by the Code and aggregate industry data.

Click here to read the report.