Stronger consumer protections with AFIA Code of Practice

The Australian Finance Industry Association (AFIA) has unveiled its Finance Industry Code of Practice, the first of its kind for Australia’s non-bank lending and specialist banking sector. The landmark initiative establishes new standards of integrity, transparency, and fairness designed to strengthen protections for consumers and small businesses.

The Code represents a significant step forward for the sector, reflecting AFIA members’ commitment to customer-first practices, responsible innovation, and building long-term trust in the finance industry.

AFIA CEO Diane Tate said the launch marked “a new era” for the industry.

“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.”

What the AFIA Code means for customers:

Customer-first standards: Clear conduct and disclosure rules that support fair outcomes.
Transparency: Simple, customer-friendly product information on terms and fees.
Scam and fraud protection: Stronger rules on prevention, privacy, and cybersecurity.
Responsible use of technology and AI: Innovation balanced with safeguards.
Support in hardship: Obligations to help vulnerable customers and small businesses.
Dispute resolution: Timely complaint handling with access to external resolution if required.

Tate said the Code was a milestone not just for AFIA members but also for millions of Australians. “By signing up to this Code, AFIA members are committing to higher standards of customer service, accountability and professionalism.”

AFIA members include some of the nation’s largest and most innovative finance providers. The Code will take effect from 1 October 2026, following a transition period for members to update systems, policies, and practices.

Independent oversight will be provided by the Finance Industry Code Compliance Committee (FICCC), chaired by Tim Grimwade, with members Jillian Brewer, Geoff Coates, Edward Martin, and Vicki Mullen.