ASIC support for financial outcomes

The Australian Securities and Investments Commission (ASIC) has published an Indigenous Financial Services Framework as part of ASIC’s role in supporting positive financial outcomes for First Nations people.

Indigenous Outreach Program Senior Manager Danille Abbot (pictured) said the Framework was developed after “extensive and thorough consultations with First Nations peoples, financial services industry representatives, as well as fellow government departments, agencies, and regulators”.

“These consultations were held with a range of sectors with national coverage, across broad geographic regions,” she said.

“At each stage the voices of First Nations people were prioritised and elevated.”

She said through the consultations, ASIC identified four key learnings:

1. First Nations peoples had unique, established economies before colonisation that continued today and should be understood, respected, and maintained;

2. First Nations peoples have been prohibited and excluded from participating in the Australian financial system;

3. Financial wellbeing affects all aspects of First Nations peoples’ lives; and

4. First Nations peoples have many different versions of financial success that need to be accepted and empowered.

“This Framework highlights how ASIC will use these learnings to inform its work with First Nations consumers,” she said.

“It supports this intent by setting out several long-term outcomes which will require ongoing collaboration and engagement between ASIC and its stakeholders.”

She said those outcomes included, but were not limited to:

• 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

Background

The Indigenous Outreach Program (IOP) was established in 2009 as a national team.

The IOP builds relationships in urban, regional, and remote locations nationally.

It is a specialist team working across ASIC to provide advice, insights, and support to ensure ASIC’s engagement with First Nations peoples is culturally appropriate and sensitive.

The team also works with industry, service providers, and other government agencies to influence system change and drive positive financial outcomes for Aboriginal and Torres Strait Islander peoples.

ASIC’s development of the Framework took on a proactive approach in consulting and

• establishing positive and culturally appropriate experiences when engaging with the financial services industry and other service providers.

She said ASIC recognised the importance of ongoing, regular engagement with First Nations people.

“ASIC is establishing timely and structured engagement streams to maintain and build on our learnings,” Danille said.

“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) included the pursuit and promotion of regulatory outcomes where Aboriginal and Torres Strait Islander consumers or investors were 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 practice engagement with Aboriginal and Torres Strait Islander consumers and investors,” Danille said.