The Australian Financial Integrity Network (AusFIN) was formed yesterday with the aim of promoting, educating and advocating for reforms to the Australian financial system.
AusFIN is comprised of a number of workplace and consumer advocacy groups, including the Australian Council of Trade Unions, the Finance Sector Union of Australia, CHOICE, the Consumer Action Law Centre, the Consumer Credit Legal Centre (NSW), the Council of Small Business of Australia, as well as the Industry Super Network, The Australia Institute, Australia Financial Counselling and Credit Reform Association, and Per Capita.
The group launched a charter that it stated was aimed at guiding the Government and the industry in implementing changes to banking and finance that ensured the industry delivered to consumers, workers and the broader community.
The charter stated that Australia’s financial system should function in an “accessible, affordable and fair manner reflecting its status as an essential service”. It also stated that the financial sector should deliver products and services that better balance the needs of consumers, employees, shareholders, the economy as a whole and the broader public interest.
The charter outlined that an effective, well-functioning financial system in the best interest of the Australian community could be achieved through the promotion of competitive outcomes for consumers; effective regulation to support fairer outcomes, especially in essential services such as retail banking and superannuation; community access to information about key elements of the financial system; the removal of conflicts of interest; and balancing the operation of the financial system with the needs of the community.
