AFIA provides update on the introduction of the Insurance Premium Funding Code of Practice
20 April 2023
The Australian Finance Industry Association (‘AFIA’) today provided an update on progress with the introduction of the Insurance Premium Funding Code of Practice (‘the Code’).
AFIA and its Insurance Premium Funding (IPF) members launched the IPF Code in October last year after extensive consultation with stakeholders. AFIA members Arteva, Attvest, BOQ Finance, Clearmatch, Elantis, Hunter Premium Funding and IQumulate were involved in development of the Code.
Diane Tate, Chief Executive Officer at AFIA, stated: “The IPF Code came into effect on 1 October 2022. Since the commencement of the IPF Code, Hunter Premium Funding and IQumulate have been accredited as Code Complaint Members by the IPF Code Compliance Committee (‘the CCC’).
“The IPF CCC is engaging with IPF members that are on the path to accreditation to support them with the process. I am advised that the IPF CCC anticipates further applications for accreditation from IPF members in the coming weeks.
“All IPF members remain committed to being accredited as Code Compliant Members as soon as practicable. AFIA will publicise further accreditations as soon as they occur – this is important information for customers and stakeholders.
“An independent compliance committee is fundamental to the credibility and effectiveness of an industry code of practice. I want to thank the IPF CCC for the role they are playing in making sure the IPF Code achieves its objectives of promoting continuous improvement of customer service and a culture of professionalism in the IPF industry.
“Voluntary industry codes are an important part of our regulatory framework. Industry codes evolve over time and keep pace with consumer expectations and the regulatory and economic environment. Industry codes set a benchmark of industry conduct and through identifying best practices, they can significantly improve consumer outcomes.”
Vicki Mullen, Chair of the IPF CCC, stated: “The pace of change for financial services continues. The IPF Code is a vital support for a consistent and high standard of conduct for the IPF industry. The IPF CCC looks forward to supporting all IPF members to achieve Code accreditation in 2023.
“The IPF CCC understands that the accreditation process is rigorous and that some IPF members are close to finalising applications. We encourage them to keep up the hard work and complete their accreditation applications, so their customers and stakeholders have confidence that they meet the standards and requirements of the Code.”
Code Compliant Members will promote the IPF Code on their website and in other communications.
For more information about the IPF Code, go to the IPF Code section of AFIA’s website.
ENDS
MEDIA CONTACT: DECLAN DRAKE 0477 119 991