What changes for brokers if the code lands as drafted
Several obligations are operational rather than philosophical, and brokers will feel those first. Dollar disclosure on request is restored for any client – retail, wholesale, strata or a business of any size – with no thresholds or product carve-outs. Automatic remuneration disclosure extends to all strata insurance, residential and commercial, disclosed to the owners corporation whether or not it is a retail client. A 28-day pre-renewal contact commitment gives clients a defined window to review cover, record-keeping moves from good practice to a Code obligation, and conflicts of interest obligations are aligned to the Australian Securities and Investments Commission’s (ASIC) Regulatory Guide 181.
