ASIC releases Indigenous Financial Services Framework

The framework highlights how ASIC will use its learnings to inform its work with First Nations consumers. It outlines several long-term outcomes requiring ongoing collaboration and engagement between the regulator and its stakeholders.

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.

In its statement, ASIC emphasised that it recognises the significance of ongoing, regular engagement with First Nations people. As a result, the regulator is establishing timely and structured engagement streams to maintain and build on its learnings, which will be used to influence its 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,” the regulator said.

ASIC’s 2023 priorities

Supporting First Nations people is among ASIC’s 2023 priorities.

Aside from the framework, the regulator’s Stretch Reconciliation Action Plan 2023-2026 (RAP) includes pursuing and promoting regulatory outcomes where Aboriginal and Torres Strait Islander consumers or investors have been adversely impacted by harm and misconduct.

Through the framework and RAP, ASIC outlines its priorities for supporting positive financial outcomes for First Nations consumers and communicating expectations to industry participants on best practice engagement with Aboriginal and Torres Strait Islander consumers and investors.