Broker Conduct Guidelines
As a Westland Insurance customer, you have the right to professional advice from a licensed individual who is well informed about the products they are selling. The below Fact Sheet will inform you on your rights to be treated with fairness and integrity.
The CISRO Principles of Conduct for Intermediaries (the Principles) outline the professional behaviour and conduct that is expected for fair treatment of our Westland Insurance customers.
The below Principles outline behaviour and conduct expectations for fair treatment of our customers:
- Compliance / Outcomes: Intermediaries must comply with all applicable laws, regulations, rules and regulatory codes to which they are subject.
- Customers’ Interests: Intermediaries must place Customers’ interests ahead of their own. This includes when an intermediary is developing, marketing, distributing and servicing products.
- Conflicts of Interest: Intermediaries must identify, disclose and manage any actual or potential conflict of interest that is associated with a transaction or recommendation. They must avoid entering into or pursuing agreements for which conflict(s) of interests cannot be managed, or if it interferes with the fair treatment of Customers.
- Advice: If providing advice to or for a Customer, intermediaries must seek complete information from the Customer in order to understand and identify their unique needs. Intermediaries must provide objective, accurate and thorough advice that enables Customers to make an informed decision. Advice must be suitable for the needs of the Customer based on the Customer’s disclosed circumstances.
- Disclosure: Intermediaries must provide Customers with objective, complete, relevant, and accurate information and explanations so that they can make informed decisions. Intermediaries must: • Properly disclose relevant information to all necessary parties; including the insurer; and • Disclose information and explanations in a manner that is clear and understandable for Customers, regardless of the distribution model or medium used.
- Product and Service Promotion: Intermediaries must ensure that products and services are promoted in a clear and fair manner. Regardless of the distribution model or medium used, Intermediaries must ensure that promotions are not misleading, and are easily understandable. Product promotions must disclose all necessary and appropriate information.
- Claims, Complaints Handling, and Dispute Resolution: Intermediaries must handle or assist in the handling of claims, complaints, and disputes in a timely and fair manner.
- Protection of Personal and Confidential Information: Intermediaries must take necessary and appropriate measures to protect personal and confidential information. They must: • Only collect information that is necessary and appropriate for the fulfillment of the service or product provided; • Use and disclose the information only for purposes and for the duration for which the Customer has given consent; and • Comply with all applicable privacy legislation to appropriately manage the information.
- Competence: Intermediaries must maintain an appropriate level of professional knowledge to ensure the fair treatment of Customers. Continuing education requirements must be fulfilled and duties must match training/ education. Intermediaries must not misrepresent their level of competence or conduct business beyond their level of professional knowledge and experience.
- Oversight: Intermediaries with contractual or regulatory oversight obligations are also responsible for the conduct of any employee or third party involved in the distribution or servicing of an insurance product. Intermediaries have tools at their disposal such as policies and procedures, training and control mechanisms to ensure the fair treatment of Customers is achieved in relation to their oversight obligations.
For more information on the CISRO Principles of Conduct for Intermediaries (the Principles) please see below.