Understanding what insurance you need can be complex. And it can be devastating if you get it wrong. It pays to have an insurance expert on your side.
A Steadfast broker works for you, not the insurer. We can take the time to understand your business and the risks you face. With a Steadfast broker, you can have access to policies from more than 150 national and international insurers – so you can feel confident you have all the cover you need.
Steadfast expanded its internal audit and risk resources with the acquisition of Goldseal. The Steadfast Goldseal offerings are available to all network brokers who require assistance in understanding and implementing any of the regulatory changes that transpire or any legislation that impacts the broking community.
Steadfast will continue to educate and encourage its network brokers to no longer engage in the practice of accepting volume-based incentives and/or soft dollar benefits.
Steadfast encourages transparency of remuneration from all network brokers in all dealings with their clients. This will entail an undertaking from network brokers that all remuneration will be transparently documented in their transactions with their client base.
Steadfast will facilitate elevated levels of excellence in the services provided by its network brokers through:
- driving higher quality standards of training and education. We will position the Diploma in Insurance Broking as the minimum standard of education required to provide advice to clients.
- meeting clients and legislative reasonable expectations in a compliant approach with respect to advice, conduct and ultimate outcome.
- maintain an appropriate trail of the documentation and fact gathering that supports the placement of any client insurance policies or claims handling.
Steadfast’s licence and services agreement requires our network brokers to comply with:
- insurance broker best practice standards.
- regulations.
- laws.
- relevant codes (including this Steadfast Broker Code of Conduct) which are incorporated into conduct standards included in the licence and services agreement.
The Steadfast Broker Code of Conduct clearly and emphatically focuses on the best interests of network brokers’ clients and as such, we will review existing policies, procedures and resources provided to help brokers receive all encouragement and assistance they may need to meet expectations.
We will ensure all Steadfast materials reflect the cultural aspects of the Code. Culture is key. Steadfast Goldseal is the public face for the Customer Advocacy function, providing the client with an advocate to present any issues where a network broker has not complied with the client’s reasonable expectation for the services provided.
The aim of the Customer Advocacy function is to ensure that all network brokers’ clients receive services that meet reasonable standards and enhance the levels of client/broker trust in the community.
Cases that the network broker knows of within their client base where trust (between broker and client or client and other parties) has broken down should be referred to the Customer Advocacy function.
Steadfast has established a reference checking and information sharing standard to identify individuals during the recruitment process who, by acting in contravention of accepted industry ethical standards, do not uphold Steadfast’s high standards
This is undertaken in a way that supports laws of privacy and ensures the confidentiality and anonymity of contributors of information.
It is expected that when network brokers are asked for background information relating to individuals as part of the reference checking process that the information is given freely and with the understanding that there will be no repercussions on the person providing the reference.
Steadfast will play a leadership role with NIBA to enhance the industry’s training and qualification requirements and work with stakeholders to increase the recognition of the Qualified Practicing Insurance Broker (QPIB) designation.
Steadfast will complete a regular compliance and best practice audit of network brokers.
The efforts of Steadfast Goldseal in this service will be combined with the Risk Team for equity brokers, for a seamless, efficient process.
Non-equity brokers can book in for reviews by Steadfast Goldseal at any time.
The final report of the Hayne Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was submitted on 1 February 2019, making 76 recommendations. The Steadfast Code of Conduct, formerly known as the Steadfast 9 Positions, are a commitment to ensuring that Steadfast meets and exceeds the expectations of its customers and the broader community and were developed with reference to the findings of the report.
Qualified insurance experts, who can partner with you every step of the way.
Steadfast's scale means you can get the best cover, at the right price.
We work for you, not the insurer. You can rest assured you and your business are in safe hands.
A Steadfast broker is part of your team for the long haul, offering understanding of you and your business.