NIBA Webinar | In Practice: Informed Consent Webinar 2
1. From what date do the informed consent obligations under the Quality of Advice Review reforms come into effect for brokers providing personal advice to retail clients?
a) 30 June 2025
b) 1 July 2025
c) 9 July 2025
d) 15 July 2025
2. Which of the following is not required to be disclosed to a client before obtaining informed consent?
a) The rate of the monetary benefit the broker will receive
b) The client's full claims history
c) The name of the insurer (if known)
d) A statement that the client’s consent, once provided, is irrevocable
3. Which of the following would likely not be a valid form of documented informed consent?
a) A written record of verbal consent
b) A signed written consent form
c) A verbal conversation without any written record
d) A digital record of client confirmation via email
4. What are the informed consent requirements when personal advice is provided after 9 July 2025 in relation to the issue or sale of a general insurance product?
a) Brokers must notify ASIC prior to receiving any commission
b) Brokers must obtain informed consent only after the product is issued
c) Brokers must obtain informed consent before the product is issued or sold
d) Brokers only need verbal confirmation from the client without documentation
5. To whom do the new informed consent obligations apply from 9 July 2025?
a) All insurance brokers regardless of the type of advice provided
b) Only brokers dealing with wholesale clients
c) AFSL holders and authorised representatives who provide personal advice to retail clients
d) Only brokers who provide general advice to retail clients
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