ASIC is Australia's integrated corporate, markets, financial services and consumer credit regulator.
ASIC is an independent Australian Government body. We are set up under and administer the Australian Securities and Investments Commission Act 2001 (ASIC Act), and we carry out most of our work under the Corporations Act.
In June 2024, ASIC hosted a further virtual industry event as part of our continued engagement with the financial services industry under our Indigenous Financial Services Framework (Framework). Further details are available below.
ASIC held a financial services industry workshop in June 2024, including attendees from the credit, banking, general and life insurance, and the superannuation sectors.
This workshop explored important themes including:
Building organisational capability through remote service provision,
Developing and evaluating responsive remote service delivery, and
Embedding best practice approaches for community engagement.
In March, ASIC’s industry workshop brought together representatives from across the financial services industry, including credit, banking, general and life insurance, superannuation and the debt collection sectors.
This workshop explored key themes including:
Building an understanding of financial abuse experienced by First Nations consumers through a deep-dive with consumer advocates,
Exploring community-led solutions on how financial service providers can deliver useful support to impacted consumers, and
Showcasing and providing examples of culturally safe responses that lead to strong positive outcomes for First Nations consumers.
In November, ASIC held a workshop which brought together representatives from across the financial services industry, including credit, banking, general and life insurance, and the superannuation sectors. In holding this multi-industry sector workshop, we encouraged all sectors to share information and innovative approaches around the challenges experienced by First Nations consumers as they interact across the financial services system.
The themes explored in the workshop included:
A deep dive into some case studies of First Nations consumers interactions with industry identification verification processes, in discussion with consumer advocates,
Delving into guidance on supporting consumers without conventional forms of identification through adapted and embedded flexible processes, and
Sharing and discussion of examples of current innovative approaches developed by communities and industry participants.
In 2023, ASIC assisted in facilitating the 2023 Indigenous Super Summit. Prior to this year’s event, the Australian Institute of Superannuation Trustees (AIST) has successfully hosted a several Indigenous Super Summits between 2015 – 2019.
This Summit provided an opportunity for representatives from the superannuation industry to build an understanding of and discuss opportunities for progress in addressing the unique and often complex challenges First Nations peoples can experience with access to and engagement with their superannuation. You can read more about it in the Summit program highlights and Summit summary document below.
Following previous sector-specific industry engagements, ASIC hosted a virtual workshop bringing together the credit, banking, superannuation, and insurance industry sectors.
The workshop explored key themes relevant to enabling more accessible and culturally appropriate product and service provision to First Nations consumers. You can read more about it in the workshop program highlights and workshop summary document below.
ASIC consulted with financial services industry sectors as part of the development of ASIC’s Indigenous Financial Services Framework (Framework). We facilitated and hosted three workshops with specific financial services industry sectors:
Credit and Banking sector (October 2021)
Superannuation sector (May 2022), and
General Insurance sector (June 2022).
The content and guest speakers for each workshop were tailored to each industry sector’s experience, engagement and level of public commitment to priorities for First Nations peoples.
ASIC welcomes further engagement on our Indigenous Financial Services Framework and related initiatives. If you would like to find out more, please contact ASIC’s Indigenous Outreach Program at Indigenous.FS.Framework@asic.gov.au.