Farm Insurance Australia :: News
SHARE

Share this news item!

ACCC Strengthens Position Against Broker Commissions

ACCC Strengthens Position Against Broker Commissions

ACCC Strengthens Position Against Broker Commissions?w=400

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

In a recent submission to the professional code of practice review, the Australian Competition and Consumer Commission (ACCC) has reiterated its position against broker commissions.
Echoing findings from its 2020 Northern Australia Insurance Inquiry, the ACCC advocates for extending the ban on conflicted remuneration to include brokers.

The issue stems from the practice where broker commissions are often based on premium amounts, potentially discouraging brokers from pursuing more cost-effective coverage or options that pay lower or no commissions for clients. Despite full disclosure of such remuneration to consumers, the ACCC argues that the inherent conflict remains problematic.

ACCC Chair Gina Cass-Gottlieb, in the submission, underlined that while some consumers might resist an upfront fee akin to commissions, the transition challenges away from conflicted remuneration models do not justify retaining exemptions permitting them. This echoes a broader reform ethos initiated by the federal government in 2023, stipulating that brokers must secure client consent to receive commissions when providing personal advice.

NSW Fair Trading, in its independent review of strata sector practices, has also highlighted the need for the broking code of practice to enhance commission practices. Commissioner Natasha Mann advocates for bolstered disclosure obligations, promoting transparency in brokers' remuneration and ownership structures, coupled with robust compliance monitoring mechanisms.

Further perspectives include those from consultant John Trowbridge, who supports the continuation of commissions but emphasizes the necessity for brokers to transparently disclose all commission-related earnings. Trowbridge also suggests that the National Insurance Brokers Association offer guidelines to elucidate conflict management and fiduciary responsibilities within the industry.

The WA Small Business Development Corporation has expressed support for widening the disclosure requirements scope, advocating for the inclusion of small businesses. By aligning with the Australian Financial Complaints Authority rules, small enterprises, often with limited resources, stand to benefit from an expanded definition that enhances clarity on financial incentives influencing broker services.

The industry awaits further developments from the review, led by Phil Khoury, as its submission deadline approaches.

Published:Friday, 2nd May 2025
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Insurance News

Bupa's Strategic Expansion into Mental Health Services
Bupa's Strategic Expansion into Mental Health Services
29 Jan 2026: Paige Estritori
Bupa, a leading health insurer in Australia, has unveiled plans to significantly enhance mental health services by establishing a network of clinics named Mindplace. This initiative aims to open 60 clinics nationwide by 2027, aligning closely with the government's objective of operating 61 walk-in Medicare Mental Health Centres by mid-2026. - read more
Federal Support Secures Cohealth's GP Services Amid Financial Strain
Federal Support Secures Cohealth's GP Services Amid Financial Strain
29 Jan 2026: Paige Estritori
In response to financial challenges faced by Cohealth, a non-profit community health service, the federal government has allocated $1.5 million to maintain its GP services in Melbourne's inner north and west. This funding ensures that clinics in Collingwood, Fitzroy, and Kensington will remain operational until 31 July 2026, providing essential care to approximately 12,500 patients who were at risk of losing access to their GPs. - read more
Rising Out-of-Pocket Costs Challenge Australia's Universal Healthcare
Rising Out-of-Pocket Costs Challenge Australia's Universal Healthcare
29 Jan 2026: Paige Estritori
Patients Australia, in collaboration with La Trobe University, has released the 2025 Patient View Report, shedding light on the increasing financial burden faced by Australians seeking healthcare services. The report indicates that 62% of patients incur out-of-pocket expenses when visiting their GP, with nearly half of these individuals paying an average gap fee of $51 or more. - read more
Australian Insurers Adapt Investment Strategies Amid Geopolitical and Economic Changes
Australian Insurers Adapt Investment Strategies Amid Geopolitical and Economic Changes
29 Jan 2026: Paige Estritori
Australian insurers are actively revising their investment portfolios in response to evolving geopolitical events and a stabilizing economic environment. A recent report by Janus Henderson Investors reveals that 47% of insurers plan to increase their investment portfolio risk in the next 12 months, with a significant focus on private markets. - read more
Mandatory Professional Indemnity Insurance for NSW Builders by 2026
Mandatory Professional Indemnity Insurance for NSW Builders by 2026
29 Jan 2026: Paige Estritori
Registered building practitioners in New South Wales are facing a critical deadline to secure professional indemnity (PI) insurance by July 1, 2026, in accordance with the Design and Building Practitioners Act 2021. This legislation, which originally set a 2025 enforcement date, has been extended by 12 months to allow the industry additional time for preparation. - read more
ICA Calls for Comprehensive Reforms in Queensland's Insurance and Building Sectors
ICA Calls for Comprehensive Reforms in Queensland's Insurance and Building Sectors
29 Jan 2026: Paige Estritori
The Insurance Council of Australia (ICA) has recently submitted a series of recommendations to the Queensland Productivity Commission, aiming to reform the state's construction and insurance sectors. These proposals are designed to enhance the resilience of the built environment and improve the affordability of insurance for Queensland residents. - read more
Rising Mental Health Claims Impact Construction Insurance Costs
Rising Mental Health Claims Impact Construction Insurance Costs
29 Jan 2026: Paige Estritori
Australia's construction industry is facing a significant challenge as mental health claims among workers continue to rise, leading to increased insurance costs and complex risk management issues. Recent data indicates that approximately 20% of construction workers have experienced mental health conditions, highlighting the urgency for industry stakeholders to address this growing concern. - read more
Inattention and Speed: Key Factors in Major Truck Crashes
Inattention and Speed: Key Factors in Major Truck Crashes
28 Jan 2026: Paige Estritori
The National Truck Accident Research Centre (NTARC) has released its latest Major Incident Investigation Report, shedding light on the predominant causes of significant truck crashes across Australia. The findings reveal that human factors, particularly inattention, distraction, and inappropriate speed, continue to be the leading contributors to these incidents. - read more
TAL's Health Sense Plus Now Covers Income Protection Policies
TAL's Health Sense Plus Now Covers Income Protection Policies
27 Jan 2026: Paige Estritori
In a strategic move to enhance the value of its offerings, TAL has announced the expansion of its Health Sense Plus program to encompass income protection insurance. This initiative, effective from 8 August 2025, aims to incentivise proactive health management among policyholders by providing premium discounts. - read more
Rising Mental Health Claims Reshape Australia's Insurance Landscape
Rising Mental Health Claims Reshape Australia's Insurance Landscape
27 Jan 2026: Paige Estritori
Australia's insurance sector is experiencing a significant shift as mental health conditions become the predominant cause of total and permanent disability (TPD) claims. Recent data from the Council of Australian Life Insurers (CALI) indicates that mental health issues now account for nearly one-third of all TPD claims, marking a substantial change in the industry's claim patterns. - read more


Farm Insurance Articles

Building Resilience Against Natural Disasters: Practical Steps for Aussie Farmers
Building Resilience Against Natural Disasters: Practical Steps for Aussie Farmers
Australian farmers face an array of natural disasters that can threaten livelihoods and disrupt the delicate balance of agricultural ecosystems. From devastating bushfires and droughts to powerful storms and floods, these catastrophic events pose serious risks to the farming community. Understanding and preparing for these forces is not just about survival; it's about building a sustainable future for farms across the continent. - read more
Future-Proofing the Farm: What Every Tech-Savvy Australian Farmer Needs to Know About Insurance
Future-Proofing the Farm: What Every Tech-Savvy Australian Farmer Needs to Know About Insurance
Welcome to the first steps in future-proofing your farming legacy. When we think about the hustle and bustle of daily farm life, it's easy to overlook the critical importance of estate planning. For the Australian farmer, estate planning is not just a matter of securing your assets; it's about ensuring the survival and progression of your hard-earned labour to the next generation. - read more
The Digital Farmer's Guide to Insuring Your Agribusiness in the Tech Age
The Digital Farmer's Guide to Insuring Your Agribusiness in the Tech Age
Welcome to the defining era where technology and agriculture entwine, bringing forth the digital farmer's era. With the evolution of agribusiness in the tech age, comes an array of new tools, opportunities, and risks. As a custodian of the earth and steward of the latest innovations, safeguarding your digital farm is just as crucial as nurturing your crops and livestock. - read more
Common Pitfalls to Avoid When Insuring Your Farm Equipment
Common Pitfalls to Avoid When Insuring Your Farm Equipment
In the world of agriculture, having the right insurance coverage is essential. Farming is a high-risk industry that deals with unpredictable elements, and insuring your farm equipment can safeguard your livelihood. - read more
How to Safeguard Your Farm: A Guide for Australian Farmers
How to Safeguard Your Farm: A Guide for Australian Farmers
Farming is inherently risky. With factors like weather, pests, and market fluctuations affecting crops, it's crucial to manage these risks effectively. - read more
The Modern Farmer's Checklist for Assessing Farm Equipment Insurance Needs
The Modern Farmer's Checklist for Assessing Farm Equipment Insurance Needs
As the backbone of Australian agriculture, farm equipment plays an essential role in day-to-day operations across our expansive and diverse landscapes. From the vast wheat belts to the tropical fruit farms, machinery ensures efficiency and productivity in the face of constant challenges. But with reliance on such equipment comes significant risk—the financial burden of damage or loss can be devastating to a farmer's livelihood. - read more
A Farmer's Guide to Essential Farm Insurance Terminology
A Farmer's Guide to Essential Farm Insurance Terminology
Farming is a vital industry in Australia, requiring significant investment in equipment, crops, livestock, and labour. As with any major investment, protecting it is crucial. That's where farm insurance comes in. - read more
Risk Management and Insurance Options for Farmers
Risk Management and Insurance Options for Farmers
Risk management is the practice of identifying, assessing, and prioritizing risks followed by coordinated efforts to minimize, monitor, and control the probability or impact of unfortunate events. In farming, risk management involves various strategies to protect the financial health and operational stability of the farm. - read more
Farm Liability Insurance Costs vs. Benefits: Is It Worth It?
Farm Liability Insurance Costs vs. Benefits: Is It Worth It?
Farm liability insurance is a type of coverage that protects farmers from financial losses due to legal claims and lawsuits. This insurance is crucial for safeguarding your farm against various liabilities that may arise from farm operations. - read more
From Droughts to Floods: Understanding Weather-Related Coverage in Farm Insurance
From Droughts to Floods: Understanding Weather-Related Coverage in Farm Insurance
Australian farmers face a unique set of challenges due to the vast and varied climate conditions that sweep across the continent. From the scorching heat and prolonged droughts of the Outback to the tropical storms and torrential rains of the northern regions, weather-related risks are an integral part of agricultural life in Australia. - read more


Need a Quote?
Start your free farm insurance quote comparison here.
Farm Type:
Postcode:

All quotes are provided free and without obligation by a Specialist from our National Broker referral panel. See our Privacy Statement for more details.


Knowledgebase
Term Life Insurance:
A life insurance that provides a cover for a specific period of time - usually one to five years or until the insured reaches age 65 or 70.