ASIC’s Indigenous Financial Services Framework

“For generations, First Nations peoples’ knowledge and management systems kept this country strong and provided for its people. This connection to Country, the values held, the importance of extended family relationships, ongoing practice of ceremony and maintenance of languages make for a particular engagement with financial services.”

Professor Robynne Quiggin

ASIC’s Indigenous Financial Services Framework outlines key learnings which ASIC has developed through extensive consultations with a range of stakeholders on First Nations peoples’ access to and engagement with the financial system. These learnings have been tested and confirmed by First Nations consumers and communities as important concepts to be acknowledged and understood.

This Framework outlines how ASIC will use the key learnings to inform our work and priorities relating to First Nations consumers. ASIC is also sharing the key learnings through this Framework for other stakeholders to consider and use in their respective roles, to support positive financial outcomes for First Nations peoples.

Download:

• ASIC Indigenous Financial Services Framework (PDF 340KB)

Development of ASIC’s Indigenous Financial Services Framework with key stakeholders

“Truth-telling sounds like a simple process of just laying out the facts, but it is much more. It requires both the telling of stories and experiences, and open, respectful listening. Hearing and responding to First Nations peoples’ stories requires a willingness to value the Indigenous knowledge and practices on which complex social, economic and cultural systems were and are based.”

Professor Robynne Quiggin

The development of ASIC’s Indigenous Financial Services Framework took a strengths-based approach, in consultation and collaboration with First Nations people. Several phases of consultation were held with key stakeholders whose roles affect financial outcomes of First Nations peoples. This consultative approach to the Framework’s development allowed ASIC to build its understanding of the needs, experiences and perspectives of First Nations consumers experiences of engaging with the financial system.

Key stakeholders

Consultations held for the Framework development included a range of sectors, across geographical regions, with national coverage. Across the key stakeholder groups identified below, the voices of First Nations people were prioritised and elevated.

“ASIC committed to an Indigenous-led process and outcome in developing the Framework. This placed First Nations peoples’ voices and experiences at the heart of the Framework in support of an expression of the human right of self-determination.”

Professor Robynne Quiggin

Story of the artwork

ASIC acknowledges the artwork titled ‘Success Our Way’ used within the Framework document and associated documents. The artwork concept and narrative was created by Tarni O’Shea, a South Sea Islander and Butchula artist and designer for Gilimbaa Creative Agency. The story behind the artwork captures the Guiding Principles and the Key Learnings within the Framework and that “…success our way is to acknowledge and embrace Aboriginal and Torres Strait Islander people’s culture, values and beliefs; empowering Aboriginal and Torres Strait Islander peoples with the tools they need, for their journey to financial well-being. This enables wealth and success to be determined our way.”

Read the whole story of the Success Our Way artwork.

Upcoming priorities

The objective of this project is to share the key learnings collated through the development of ASIC’s Indigenous Financial Services Framework.

This includes sharing how ASIC will be using the learnings to inform our work, facilitating external events and sharing key insights with the purpose of encouraging external stakeholders to consider the learnings in their respective roles. ASIC seeks to engage with key stakeholders to understand how they can support positive financial outcomes for First Nations consumers.

The upcoming priorities for the next stage of the project include:

• Continuing to convene ASIC’s Indigenous Advisory Group to further build ASIC’s understanding of the perspectives, objectives and experiences of First Nations consumers engagement with the financial system.
• Maintaining and facilitating ASIC’s Cross-Government Engagement Group focusing on collaborating and sharing information including key insights and best-practice examples.
• Ongoing engagement with the Financial Services Industry with a focus on progressing discussions and opportunities on key topics identified in previous engagements and workshops, and
• Developing a data strategy to support and measure the impact of ASIC’s Indigenous Financial Services Framework.

“The financial services industry is well placed to continue the journey towards First Nations peoples having full and effective use of banking services, with a safety net of appropriate insurance, access to superannuation and suitable credit options. Strong regulatory activities are also critical in protecting this positive activity by ensuring lawful, fair service to consumers and protection of their rights.”

Professor Robynne Quiggin

Find out more about the Framework

If you want to learn more about ASIC’s Framework and the upcoming priorities mentioned above, you can get in contact with ASIC’s Indigenous Outreach Program by email at Indigenous.FS.Framework@asic.gov.au or you can contact ASIC’s Indigenous Outreach Program on ASIC's Indigenous Help Line on 1300 365 957.

More information

• Indigenous Business Australia – Impact Report 2021-2022
• Productivity Commission – Indigenous Evaluation Strategy
• National Agreement on Closing the Gap