Part D – Transitional Arrangements

The transitional arrangements for this Code of Practice are set out below:

Code Compliant Requirement	Transitional Arrangements
Clause 20.7 requires Code Compliant Members to only offer remuneration that is upfront and transparent.	Code Compliant Members may no longer make or receive Conflicted Remuneration. Code Compliant Members must update all Insurance Premium Funding Product contracts and/or other relevant documentation to ensure consistency of payments terminology align with clause 20 and the associated definitions on or before 01 July 2025. To minimise administration costs, where Insurance Premium Funding Product contracts use different payments terminology but refer to similar payment types, any such updates may take place at time of renewal.

Code Compliant Requirement

Transitional Arrangements

Clause 20.7 requires Code Compliant Members to only offer remuneration that is upfront and transparent.

Code Compliant Members may no longer make or receive Conflicted Remuneration. Code Compliant Members must update all Insurance Premium Funding Product contracts and/or other relevant documentation to ensure consistency of payments terminology align with clause 20 and the associated definitions on or before 01 July 2025.

To minimise administration costs, where Insurance Premium Funding Product contracts use different payments terminology but refer to similar payment types, any such updates may take place at time of renewal.