AFIA welcomes reform to tighten the net on financial abuse
14 October 2026
The Australian Finance Industry Association (AFIA) welcomes the Australian Government’s response to the parliamentary inquiry into financial abuse and its commitment to stronger protections for victim–survivors.
AFIA CEO Diane Tate said financial abuse is a serious community issue demanding coordinated action from Government, the finance industry and support services to protect Australians experiencing harm.
“Financial abuse can strip people of their independence and leave them carrying the consequences for years,” Ms Tate said.
“Financial providers have a responsibility to make it harder for perpetrators to exploit their products, services and technologies, and easier for customers experiencing harm to get the help they need.”
Earlier this month, the new AFIA Finance Industry Code of Practice took effect, with signatories now bound by stronger domestic and family violence, financial abuse and vulnerability provisions.
AFIA has also published detailed industry guidelines to help members make sure they have the right programs in place for their customers, including how to recognise financial abuse and respond safely and effectively to customers experiencing harm.
“The new AFIA Finance Industry Code of Practice puts customer safety at the centre of everyday lending practices, setting clear expectations for lenders to recognise financial abuse, support affected customers and help them regain control of their finances,” Ms Tate added.
“The AFIA Code reflects the commitment by non-bank and specialist lenders to keep improving, making it harder for perpetrators to exploit financial products and easier for customers experiencing harm to get the help they need.”
AFIA, the Australian Banking Association, the Customer Owned Banking Association and Arca have joined forces to form the Financial Safety Alliance and work with social enterprise Flequity Ventures to develop a tool to support industry-wide coordination against financial abuse.
“Through the Financial Safety Alliance, the finance industry is working together to tighten the net on perpetrators of financial abuse and strengthen protections for Australians by building safety by design into products, services and technologies.
“Government reform and industry action must reinforce each other, closing the gaps perpetrators exploit and helping Australians rebuild their financial independence,” Ms Tate said.
AFIA remains committed to working with the Government, regulators, consumer and community groups and the wider lending industry to support practical reforms, actions and initiatives that prevent financial abuse and improve outcomes for affected Australians.
