AFIA and Australia’s leading online small business lenders (OSBL) have come together to release a Code of best practice lending principles. The AFIA OSBL Code has been developed with support from the Australian Small Business and Family Enterprise Ombudsman, theBankDoctor.org and FinTech Australia.
The AFIA Online Small Business Lenders Code of Practice commenced on 30 June 2018 and version 2 became effective on 1 December 2022. The current version is effective from 12 September 2024.
The Code is binding on AFIA members who have been approved as Code Compliant Members (Code Signatories) by the Online Small Business Lenders Code Compliance Committee. Code Signatories have joined the Code voluntarily because they acknowledge the importance of the adoption of high standards of service and business practices in the industry.
The codes apply to relevant credit, finance and novated lease products and services provided to customers in Australia by participating AFIA Members.
