AFIA represents members’ interests in a range of submissions on key policy and other reform areas which are
reinforced by participation in a number of taskforces, working groups and roundtables.
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, 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.
See here for further information outlining our COVID-19 work.
FINANCIAL SERVICES ROYAL COMMISSION
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. We made a submission on a suite of exposure draft legislation earlier this year as the Government responded to many of the recommendations of the Royal Commission.
AFIA was instrumental in securing a 6 month deferment to the Federal Government’s regulatory reform agenda
to allow industry to focus on managing the impact of the COVID-19 pandemic.
SMALLER LENDERS AND FINTECHS
Smaller ADIs, non-bank lenders and fintech lenders play a critical role in our economy, especially where other lenders do not have the business infrastructure, technology, risk appetite or have chosen not to serve certain parts of the economy.
Our policy priorities focus on advocating for support for the smaller lender and fintech sector, with AFIA calling for the government to support
these critical sectors to continue to provide specialised products and access capital at lower costs.
AFIA administers the AFIA Online Small Business Code of Lending Practice and the Australian Car Rental Conciliation Code.
We are currently assisting members to establish Codes of Practice for Buy Now Pay Later, Insurance Premium Funding and Salary