ASIC publishes framework to improve Indigenous financial outcomes
The Australian Securities and Investments Commission (ASIC) has published its Indigenous Financial Services Framework to support positive financial outcomes for First Nations people.
This followed extensive consultation with First Nations people, financial services industry representatives and Government departments and regulators.
During this, ASIC identified four key factors:
- First Nations peoples had unique, established economies before colonisation that continued today and should be understood, respected, and maintained;
- First Nations peoples have been prohibited and excluded from participating in the Australian financial system;
- Financial wellbeing affects all aspects of First Nations peoples’ lives; and
- First Nations peoples have many different versions of financial success that need to be accepted and empowered.
It was hoped the framework would work towards:
- Reducing the impact of harms and misconduct on individuals and communities;
- Providing accessible and appropriate financial products and services;
- Increasing holistic service provision and delivery; and
- Establishing positive and culturally appropriate experiences when engaging with the financial services industry and other service providers.
ASIC also announced a Stretch Reconciliation Action Plan 2023-2026 which included the pursuit and promotion of regulatory outcomes where Aboriginal and Torres Strait Islander consumers or investors had been adversely impacted by harm and misconduct.
“Through both the Framework and the RAP, ASIC is outlining its priorities for supporting positive financial outcomes for First Nations consumers, and communicating expectations to industry participants on best consumers, and communicating expectations to industry participants on best practice engagement with Aboriginal and Torres Strait Islander consumers and investors,” it said.
The regulator would continue to engage with First Nations people on an ongoing basis to identify emerging issues and challenges.
AUTHOR
Laura Dew
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