What the AFIA Code means for you
Consumer Finance Schedule
The Consumer Finance Schedule applies to consumer credit contracts governed by the National Consumer Credit Protection (NCCP) Act. This typically includes mortgages, personal loans, credit cards, and car loans used primarily for personal or household purposes.
Novated Leasing Schedule
The Novated Leasing Schedule applies to vehicle leases entered into through an employer. Novated leasing is not regulated under the NCCP Act and includes salary packaging arrangements and vehicle finance.
Small Business Schedule
The Small Business Finance Schedule applies to lending solutions provided to Australian small businesses. This includes secured and unsecured loans, equipment finance, and lines of credit.
Low Cost Credit Contracts Schedule
The Low-cost Credit Contracts Schedule applies to Low Cost Credit Contracts (LCCCs), including Buy Now, Pay Later (BNPL) arrangements. LCCCs are governed by the NCCP Act and are subject to specific regulations relating to consumer protection and responsible lending practices.
Insurance Premium Funding Schedule
The Insurance Premium Funding Schedule applies to insurance premium funding arrangements, allowing insurance premiums to be paid in instalments rather than as a single upfront payment.
AFIA Codes of Practice
The codes apply to relevant credit, finance and novated lease products and services provided to customers in Australia by participating AFIA Members.
Learn about the AFIA code
The AFIA Code establishes a consistent framework for standards and conduct for Australia’s diverse range of finance providers and products. The Code does not replace legal obligations. It supplements existing regulatory requirements by formally establishing industry commitments and standards for participating members.
Stronger customer outcomes: Clear standards of conduct and disclosure that support customer and industry outcomes
Transparency: Clearcommunication about products, terms, fees and intermediary remuneration
Protection from scams and fraud: Robust safeguards for prevention, data protection, privacy and security
Responsible use of technology and AI: Balancing industry innovation with appropriate safeguards
Stronger support for customers experiencing vulnerability: Strengthened obligations to assist those experiencing financial difficulty or vulnerability and to prevent misuse of products
Access to dispute resolution: Prompt,efficient complaints handling and access to external resolution
AFIA's Code applies to credit, finance and novated lease products and services AFIA members provide to consumer and small business customers. Australia-wide (subject to specified exclusions).
Transition Period
Existing industry codes (BNPL, IPF and Online Small Business Lending) will continue to operate during the transition to AFIA's Code, ensuring no gap in coverage of customer safeguards.
Industry Guidelines
AFIA's industry guidelines support members in applying the Code and adopting industry best practices.
Key Commitments
The AFIA Finance Industry Code of Practice establishes standards that help protect customers and ensure finance providers act fairly, responsibly and transparently.
- Clear communication and transparent disclosures
- Fair treatment and responsible conduct
- Support for financial difficulty and vulnerability
- Responsible use of technology, AI and data
- Accessible complaints and dispute resolution
FAQs
If you are experiencing difficulty in meeting your financial obligations to your lender, you should contact them as soon as possible.
They will work with you in good faith to assist you to meet your ongoing financial obligations. Our members will treat you fairly, respectfully and consider your specific circumstances. They may also initiate contact to discuss your financial situation.
The Finance Industry Code Compliance Committee (FICCC) is the independent body responsible for monitoring, investigating and enforcing compliance with the AFIA Finance Industry Code of Practice. Its role is to help ensure Code members meet the standards and commitments set out in the Code, providing oversight that supports transparency, accountability and consumer confidence in the non-bank finance industry. The FICCC is an independent committee that has been established under a Terms of Reference to monitor, investigate and enforce compliance with the Finance Industry Code of Practice (the Code).
Please note: FICCC does not deal with individual complaints or disputes between customers and Code Members about their products.
If you want to make a complaint, contact the Code Member directly — they will handle it through their internal dispute resolution process.
Learn more about the Finance Industry Code Compliance Committee (FICCC)