Financial Services Regulatory Framework in relation to financial abuse
In June 2024, AFIA responded to the Parliamentary Joint Committee on Corporations and Financial Services inquiry into ‘Financial Services Regulatory Framework in relation to financial abuse’.
Financial abuse is a significant community issue in Australia and is often a subset of family and domestic violence. AFIA’s submission highlighted the importance of support being put into place for customers as soon as possible where they are experiencing financial difficulties caused by financial abuse. AFIA’s submission provided examples of industry practices, real life case-studies and provided detail on our self-regulatory Codes of Practice. AFIA supports further work being undertaken by the finance industry, Government and key stakeholders to develop and adopt further consistent approaches and support better understanding of the challenges people face who are the victims of financial abuse.