Corporate watchdog ASIC has published its Indigenous Financial Services Framework, in a bid to support positive financial outcomes for First Nations people.
The framework was developed through extensive and thorough consultations with First Nations peoples, financial services industry representatives, as well as fellow government departments, agencies, and regulators.
The consultation revealed four important lessons:
- 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
- First Nations peoples have many different versions of financial success that need to be accepted and empowered
ASIC’s Indigenous Financial Services Framework underlined how ASIC will use the lessons to inform its work with First Nations consumers and set out several long-term outcomes, which will require ongoing collaboration and engagement between the regulator and its stakeholders, including:
- 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
- establishing positive and culturally appropriate experiences when engaging with the financial services industry and other service providers
“ASIC recognises the importance of ongoing, regular engagement with First Nations people,” the corporate watchdog said. “It is establishing timely and structured engagement streams to maintain and build on our 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.
ASIC said it also supports positive financial outcomes for First Nations consumers through ASIC’s Stretch Reconciliation Action Plan 2023-2026 (RAP), which 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.
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