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.
- ASIC Indigenous Financial Services Framework (PDF 340KB)
- Summary of financial services industry workshops (PDF 1.4MB)
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.
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.
Text version of key stakeholders
- Initial First Nations roundtable.
- Financial counsellors and financial capability workers.
- Service providers from a range of sectors.
- First Nations community members and representatives.
- A range of federal government agencies.
- Financial services sector.
“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.
Text version of Success Our Way artwork
The depicted image is a First Nations artwork representing the Framework's Key Learnings, and the development process for the Framework which focused on acknowledging and embracing Aboriginal and Torres Strait Islander people's cultures, values and beliefs. The image shows an artistic representation of how individuals navigate cultural, community and family layers, as well as the wider Australian economy. Elements represent pathways and opportunities being created to generate wealth for future generations. The artwork showcases how empowering First Nations peoples with the tools needed for positive financial outcomes, allows for financial success to be determined by First Nations peoples; hence the title 'Success Our Way.'
The artwork contains imagery that represents the key stakeholders involved in supporting First Nations peoples journey to positive financial outcomes, and positive financial well-being. Throughout the image this includes:
- First Nations individuals, families and communities represented as a small orange oval, surrounded by a layer of white, and lined with a border of orange with white dots
- Financial Counsellors and Financial Capability Workers represented as key service providers represented as a small blue circle surrounded by a light blue circle
- A range of service providers from other sectors represented by several small blue circles surrounded by light blue circles
- Government agencies, including financial regulators represented again by several small blue circles surrounded by a light blue circle
- the Financial Services system represented by a line of blue elements, with sector participants identified as small perforated circles with a red-dot centre.
The objective of this project is to share the key learnings collated through the development of ASIC’s Indigenous Financial Services Framework, including how ASIC will be using the learnings to inform our work, and encourage external stakeholders to consider the learnings in their respective roles in supporting positive financial outcomes for First Nations consumers.
The upcoming priorities for the next stage of the project include:
- Establishing and maintaining an ASIC Indigenous Advisory Group
- Establishing and maintaining a Cross-Government Engagement Group
- Continuing our engagement across the Financial Services Industry, focusing on opportunities identified through previous industry workshops and hosting additional discrete workshops of key topics, 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.
- Indigenous Business Australia – Impact Report 2021-2022
- Productivity Commission – Indigenous Evaluation Strategy
- National Agreement on Closing the Gap