Codes accreditation portal
To become compliant with the AFIA Finance Industry Code of Practice (the Code), members should undertake a rigorous self-assessment process to ensure that your organisation can meet the industry standards set out in the Code. Guidelines, a checklist and a template Initial Compliance Declaration are provided to help members in this process.
A compliance guideline tool prepared by Allens is available to assist members to understand where the Code obligations are substantially similar to existing obligations or where new or additional compliance measures might need to be implemented.
The process of accreditation relies upon this member self-assessment.
The Initial Compliance Declaration to be given to the Code Compliance Committee (CCC) requires members to confirm that arrangements are in place to meet the requirements of the Code relevant to your business (including the Schedules) and that your organisation satisfies the other requirements set out in the Code By Laws.
In accordance with the Guideline for accreditation, the Initial Compliance Declaration and associated information including any assurance or review process undertaken should be tabled to your Board, Audit & Risk Committee or other appropriate internal governance committee prior to lodgement with the CCC, to assist in ensuring that the purpose of the Code and the obligations set out therein are well understood by and incorporated into your business.
If the CCC is satisfied with the compliance attestation, it will confirm accreditation as a Code Member. You will then be able to display an accreditation symbol (known as the Code tick) on your website, app, digital platforms and customer collateral. Your organisation will also be listed on the AFIA website as a Code Member.
As part of its ongoing role in administering and monitoring compliance with the Code, the CCC will collect information and data from Code Members on a periodic basis. The CCC will determine what information should be collected in consultation with Code Members, but it is likely to include information on business activity, complaints, hardship and how the member monitors its own compliance with the Code. Any data collection will have regard to members’ continuous disclosure and other disclosure obligations, and reporting obligations to regulators.
If you have any questions please contact the Code Administrator at codes@afia.asn.au