AFIA Unveils Financial Safety Alliance to Tackle Financial Abuse

Financial abuse, a form of domestic violence, involves controlling a person's access to financial resources, thereby limiting their independence and ability to support themselves. Recognising the profound impact of such abuse, AFIA's initiative seeks to create a safer financial environment for all Australians.

The Financial Safety Alliance will focus on several key areas:

• Developing industry-wide standards and best practices to identify and respond to signs of financial abuse.
• Providing training and resources for financial institutions to effectively support affected customers.
• Collaborating with consumer advocacy groups to raise awareness and educate the public about financial abuse.

AFIA's CEO, Diane Tate, emphasised the importance of this initiative, stating that the alliance represents a significant step forward in the industry's commitment to social responsibility and consumer protection.

For individuals experiencing financial abuse, the alliance aims to offer clear pathways to assistance, ensuring that victims have access to the support and resources they need to regain financial autonomy.

As the Financial Safety Alliance progresses, it is expected to set new benchmarks for integrity, transparency, and fairness within the Australian finance industry, reinforcing the sector's dedication to safeguarding consumer interests.