ASIC’s Framework to Financially Support First Nations People
ASIC has released its Indigenous Financial Services Framework, aiming to improve financial outcomes for First Nations people. Through consultations and key learnings, ASIC emphasizes reducing harm, providing accessible services, and fostering positive experiences.
ASIC published its Indigenous Financial Services Framework to help provide positive financial outcomes for First Nations people.
A cornerstone of ASIC developing their Framework was through extensive consultations with First Nations peoples, financial services industry representatives, as well as fellow government departments, agencies, and regulators.
Through this consultation, ASIC identified four key learnings:
- 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 well-being 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.
ASIC will use these learnings to inform its work with First Nations consumers. It supports this intent by setting out several long-term outcomes. These outcomes include, but are not limited to:
- reducing the impact of harm 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 is establishing structured engagement streams to maintain and build on their learnings. These will be used to influence ASIC’s stakeholders on key themes, emerging issues, and challenges highlighted by First Nations consumers. The engagement streams include an Indigenous advisory group, a cross-government engagement group, and ongoing contact with the financial services industry.
Further to the Framework, ASIC’s Stretch Reconciliation Action Plan 2023-2026 (RAP) includes the pursuit and promotion of regulatory outcomes where Aboriginal and Torres Strait Islander consumers or investors have been adversely impacted by harm and misconduct. Through both the Framework and the RAP, ASIC is outlining their priorities for supporting positive financial outcomes for First Nations consumers. ASIC is communicating expectations to industry participants on best practice engagement with Aboriginal and Torres Strait Islander consumers and investors.
Getting Financial Help
Contact us if you’re questioning the advice you received from a financial advisor and are thinking about taking steps against them. We are committed to ensuring our clients receive the best possible advice and guidance on their situation, especially in financial matters. You can contact us online, call us at 1300 433 533 or email us at enquiry@fdlegal.com.au.
