We represent members’ views to shape positive industry change - driving public policy debate through active engagement with all political parties via submissions to Government and financial regulators on legislative reform, change and frameworks, and extensive stakeholder consultation via our leadership and working groups.
May 2021
24 May 2021 AFIA has made a submission to the Mobile Payment and Digital Wallet Financial Services Inquiry. The Inquiry’s will focus on the commercial relationships and business models b…
Apr 2021
23 April 2021 The deferred sales model for add on insurance commences on 1 October 2021. AFIA recommends ways in which ASIC can support industry to implement the deferred sales model. Do…
Apr 2021
14 April 2021 AFIA remains concerned with the potential scope of regulatory burden of the new regime and has engaged closely with Treasury throughout the consultation process. Our recommendati…
Apr 2021
1 April 2021 AFIA supports Treasury’s review, and recognises it as a timely opportunity to identify where further enhancements can be made to ensure AFCA is operating efficiently and eff…
Mar 2021
19 March 2021 AFIA supports the reforms to the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws, in particular to enable reporting entities to rely on ‘safe harbour&r…
Feb 2021
15 February 2021 AFIA submission to Treasury seeks applications for class-based exemptions from the Deferred Sales Model for marine comprehensive insurance and off-road rider fire and theft in…
Feb 2021
12 February 2021 AFIA supports the Government’s proposal to licence debt management and credit repair firms. We believe this is the first step in a potential series of activities that wi…
Feb 2021
5 February 2021 AFIA supports the Government’s commitment to improve reference checking and information sharing protocols in financial institutions (ASIC Protocol). The ASIC Protocol sho…
Feb 2021
5 February 2021 AFIA supports continuing the self-regulatory architecture of the Australian payments system. The payments regulatory architecture should support continued innovation for the be…
Feb 2021
3 February 2021 It is important that the 2021/22 Budget focus on initiatives to further boost and embed our economic recovery to deliver growth above trend. These initiatives include promoting…
Nov 2020
24 November 2020 AFIA provides a further response to insolvency reforms to support small business. Download
Nov 2021
20 November 2020 AFIA welcomes the opportunity to provide further feedback on the proposed lending framework. As we have outlined previously, AFIA members support the Federal Government’…
Nov 2020
9 November 2020 AFIA supports the harmonisation of state and territory laws through one Heavy Vehicle National Law. Download
Oct 2020
12 October 2020 AFIA supports the Government’s efforts to respond to the effects of the COVID-19 pandemic on the economy. These reforms are intended to give eligible small businesses the…
Aug 2020
19 August 2020 AFIA encourages ASIC not to issue its product intervention order on the sale of add-on insurance products through caryard intermediaries. Instead AFIA considers that the sale of…
Aug 2020
18 August 2020 The Commonwealth bankruptcy law must provide a fair and orderly process for dealing with the financial affairs of insolvent individuals while preserving the rights of creditors…
Aug 2021
11 August 2020 AFIA focuses on the importance of the appropriate application of ASIC’s proposed use of its product intervention power to continuing credit contracts, ensuring it is appli…
Jul 2020
10 July 2020 AFIA supports Treasury’s amendments to the Strengthening Breach Reporting exposure draft legislation. The implementation of this legislation must balance compliance objectiv…
Jun 2020
18 June 2020 AFIA supports the extension of the Australian Financial Services Licensing regime to litigation funders. It is also important for economic recovery that the class action system is…
Jun 2020
12 June 2020 AFIA supports the implementation of the Payment Times Reporting Framework to address the issue of late payments from large to small businesses. Download
Jun 2021
5 June 2020 AFIA’s response incorporates a number of practical initiatives. This includes initiatives to support a business-led recovery, strengthen consumer and business confidence, sup…
May 2021
31 May 2020 AFIA supports the implementation of the Consumer Data Right (CDR) and the expansion of CDR to the energy sector. We see the continued expansion of CDR into further sectors is criti…
May 2020
22 May 2020 AFIA supports the ongoing development and expansion of the Consumer Data Right (CDR). The expansion of CDR into further sectors will be critical to competition and innovation in t…
Apr 2020
16 April 2020 AFIA supports an effective regulatory regime that provides consumers and small business with a strong level of protection from unfair contract terms (UCTs) in standard form con…
Apr 2021
10 April 2020 The impact of the COVID-19 crisis on smaller lenders and the fintech sectors was significant. AFIA recommends a number of economic and regulatory initiatives to support these sec…
Mar 2020
25 March 2020 AFIA supports the introduction of a best interests duty for mortgage brokers. We recommend ways in which ASIC can support industry to comply with this duty through guidance. Download
Feb 2021
17 February 2020 AFIA supports the reforms proposed within the National Consumer Credit Protection Amendment (Small Amount Credit Contract and Consumer Lease Reforms) Bill 2019 (No. 2) (the S…
Feb 2020
14 February 2020 AFIA welcomes the opportunity to provide a response to Treasury on the Proposals Paper for Implementing Royal Commission Recommendations 3.9, 4.12, 6.6, 6.7, and 6.8, to exten…
Feb 2021
14 February 2020 AFIA supports the Government’s commitment to improve risk culture, governance and accountability within financial institutions. This commitment needs to be implemented…
Feb 2021
7 February 2020 The Compensation Scheme of Last Resort (CSLR) will allow consumers to be compensated when they have experienced misconduct but are not able to obtain compensation from a financ…
Feb 2021
7 February 2020 AFIA supports the Government establishing a Compensation Scheme of Last Resort (CSLR). The CSLR will allow consumers to be compensated when they have experienced misconduct but…
Feb 2021
7 February 2020 AFIA supports the Reserve Bank of Australia’s approach to self-regulation o the payment sector. In determining if the surcharge framework should be extended to buy now pa…
Dec 2020
31 December 2019 Supporting competition and innovation within the financial services sector is critical to delivering access to and choice in simple and affordable finance to consumers and sma…
Nov 2021
17 November 2019 AFIA encourages ASIC to work closely with industry in issuing its product intervention order on the sale of add-on financial products through caryard intermediaries. Download
Oct 2021
11 October 2019 The Design and Distribution obligations will require product issuers and distributors to determine the needs of consumers and to design products accordingly. AFIA welcomes the…
Sep 2020
12 September 2019 The ACCC’s Digital Platform Inquiry Final report was published on 26 July 2019. The Final Report made recommendations to amend the Privacy Act. These amendments, if im…
May 2021
20 May 2019 AFIA supports ASIC finalising its review and releasing updated regulatory guidance as soon as possible to provide clarity and to assist credit licensees to comply with their respon…
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Australian Finance Industry Association Limited [AFIA]
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