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We represent our members to shape positive industry change - lifting the voice of the industry through active engagement with all political parties and submissions to Government and regulators on legislative reform, change and frameworks. We lift the industry voice through sophisticated partnerships to influence policy and regulatory developments, contribute to public debates, promote policy and data through modern advocacy techniques, and foster our industry leaders.
Every conversation and movement we make within our operations is in some way aimed at achieving a fair and just outcome for our members and their customers and making sure we are well-positioned to manage the inevitable cycles of further change as a new financial services landscape takes shape.
Over the past six months, AFIA has worked closely with the Federal Government, including, Treasury, financial regulators, state and territory governments, through to the National Cabinet, Australian Office of Financial Management (AOFM), as well as other key stakeholders on a range of issues, including actions necessary to address the immediate impact of the COVID-19 crisis on our economy and community. AFIA collaborates with:
You can read about some of our COVID-19 advocacy work here.
AFIA continues its work on Financial Services Royal Commission related work, making submissions on a number of pieces of exposure draft legislation responding to the Royal Commission recommendations on:
AFIA has participated in Treasury Roundtables and targeted consultations on the proposed Strengthening Breach Reporting regime and was instrumental in working with Treasury on the deferment of Royal Commission related reform initiatives for 6 months to allow industry to manage the impact of the pandemic.
See below for further detail regarding our RC related work:
AFIA provided a submission in response to the Reserve Bank of Australia’s (RBA) Review of Retail Payments Regulation Issues Paper (the Issues Paper) as well as engaging privately with the RBA. For further reading, please see here.
AFIA continues to work collaboratively with key industry regulatory bodies, including the Australian Securities and Investments Commission (ASIC) on issues and initiatives relating to the industry including:
AFIA also continues to work with other regulators such as AUSTRAC on its draft ML/TF risk assessment on the non-bank lending and finance sector, as well as the ACCC on Open Banking and the Consumer Data Right consultations.
AFIA works with a range of industry stakeholders, including:
At the 2019 Banking and Oath Conference, Wayne Byers, Chairman of the Australian Prudential Regulation Authority in his Speech 'Self- Regulation Dead' talked about the value of self-regulation and industry stepping up to take ownership in areas of governance, customer service and technical standards.
We work together with our members to develop industry standards (Codes of Practice) in order to improve transparency, fairness and customer confidence. These practices assist members to meet community standards and their legal obligations, as well as lift practices for a better future for finance.
AFIA currently administers the AFIA Online Small Business Code of Lending Practice, the Car Rental Conciliation Code, the Buy Now Pay Later Code of Conduct and is currently assisting its members to establish an Insurance Premium Funding Code of Conduct. Additionally, we will soon be commencing work on a Salary Packaging Code of Practice.