The move follows compliance data that places the sector’s self-regulatory record under scrutiny. The Insurance Brokers Code Compliance Committee’s (IBCCC) 2025 Annual Data Report, released on June 16, 2026, documented 5,417 breaches of the Insurance Brokers Code of Practice, affecting 14,842 clients, with complaints rising to 3,133. Remuneration-disclosure breaches rose from 42 in 2023 to 334 in 2024. A targeted strata review found all seven brokers examined in breach, with nine formal determinations issued and two referrals to ASIC. The IBCCC also identified a detection gap: of the six brokers that reported zero breaches in 2024, five subsequently reported breaches in their 2025 Annual Compliance Statement, indicating issues were present but had not previously been identified or reported.
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