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The Finance Industry Code of Practice sets standards for integrity, transparency, and fairness for members of the Australian Finance Industry Association (AFIA).
The code will take effect from 1 October 2026, allowing members a transition period to align systems, policies, and practices.
Stronger consumer protections are the foundation of the fresh standards, and the association is aiming to bolster trust between consumers and lenders.
As listed by AFIA, consumers will benefit from the code through:
- Confidence that AFIA members are putting customers first and are truly customer-centric: Clear standards of conduct and disclosure that support good customer and industry outcomes.
- Clear communication and transparency: Simple, customer-friendly information about products, terms, and fees.
- Increased protection from scams and fraud: Clear rules on scam prevention, information and data protection, and privacy and security measures.
- Responsible use of technology and AI: Ensuring industry innovation is balanced with safeguards.
- Support for customers: Stronger obligations to assist people experiencing financial hardship or small businesses dealing with financial difficulties and a commitment to help prevent the misuse of products to inflict harm on another person.
- Access to dispute resolution: Prompt and efficient complaints handling and external mechanisms if complaints cannot be resolved directly with their finance provider.
AFIA CEO Diane Tate said the association is made up of some of the “largest and most innovative finance providers.”
By championing this code, millions of consumers will benefit from the standards set.
“The AFIA Code heralds a new era for Australia’s finance industry, promoting higher standards, ensuring clearer disclosures and delivering stronger protections for customers,” Tate said.
“Our industry has come together to deliver the efficiencies and safeguards that Australians are asking for – from better practices to clearer communications, to scam protection and cybersecurity safeguards, to responsible deployment of technologies, and support for customers experiencing financial hardship or other vulnerabilities.
“By adopting this Code, AFIA members are strengthening trust in the finance industry, improving outcomes for customers and contributing to a stronger, more resilient economy.”
The Finance Industry Code of Practice will be independently monitored by the Finance Industry Code Compliance Committee (FICCC).
