Company watchdog ASIC has revealed its Indigenous Monetary Providers Framework, in a bid to assist constructive monetary outcomes for First Nations individuals.
The framework was developed via intensive and thorough consultations with First Nations peoples, monetary providers trade representatives, in addition to fellow authorities departments, businesses, and regulators.
The session revealed 4 vital classes:
- First Nations peoples had distinctive, established economies earlier than colonisation that continued in the present day and must be understood, revered, and maintained
- First Nations peoples have been prohibited and excluded from collaborating within the Australian monetary system
- Monetary wellbeing impacts all points of First Nations peoples’ lives
- First Nations peoples have many alternative variations of monetary success that have to be accepted and empowered
ASIC’s Indigenous Monetary Providers Framework underlined how ASIC will use the teachings to tell its work with First Nations shoppers and set out a number of long-term outcomes, which would require ongoing collaboration and engagement between the regulator and its stakeholders, together with:
- decreasing the affect of harms and misconduct on people and communities
- offering accessible and acceptable monetary services
- rising holistic service provision and supply
- establishing constructive and culturally acceptable experiences when participating with the monetary providers trade and different service suppliers
“ASIC recognises the significance of ongoing, common engagement with First Nations individuals,” the company watchdog mentioned. “It’s establishing well timed and structured engagement streams to keep up and construct on our learnings. These shall be used to affect ASIC’s stakeholders on key themes, rising points, and challenges highlighted by First Nations shoppers.”
The engagement streams embody an Indigenous advisory group, a cross-government engagement group, and ongoing contact with the monetary providers trade.
ASIC mentioned it additionally helps constructive monetary outcomes for First Nations shoppers via ASIC’s Stretch Reconciliation Motion Plan 2023-2026 (RAP), which incorporates the pursuit and promotion of regulatory outcomes the place Aboriginal and Torres Strait Islander shoppers or buyers have been adversely impacted by hurt and misconduct.
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