How does RIBO handle financial disputes or malpractice among brokers?

The RIBO (Registered Insurance Brokers of Ontario) has established procedures for addressing financial disputes or allegations of malpractice among brokers, which include mediation as a key component. Mediation serves as a method to facilitate discussions between the involved parties to reach an amicable solution without resorting to legal proceedings initially. If mediation does not resolve the dispute, further steps may involve formal procedures that could include legal action.

This approach reflects RIBO's commitment to ensuring that both brokers and consumers have a clear path to resolve their disputes fairly and effectively, rather than automatically favoring one party over another or ignoring issues unless they are formally raised. This balanced mediation process is designed to promote fairness, preserve relationships, and maintain professional standards within the insurance brokerage industry.