Industry Codes of Practice play an important role in uplifting industry standards, reducing disputes and delivering better consumer outcomes. Codes of Practice are integral to AFCA’s assessment of what is fair and what good industry practice looks like.
AFCA supports the work of five independent Committees to monitor compliance with codes of practice in the Australian financial services industry. This includes the:
- Banking Code of Practice
- General Insurance Code of Practice
- Insurance Brokers Code of Practice
- Customer Owned Banking Code of Practice
- Life Insurance Code of Practice
AFCA’s Code Group is a separately operated and funded business unit. It undertakes Code monitoring activities, investigates alleged Code breaches and shares good industry practice.
More than 600 AFCA members subscribe to one of the Industry Codes we support. However, the work of the Code Compliance Committees is relevant to a broad range of AFCA members. Many of the issues and challenges Code Committees explore are not unique to Code subscribers. Particularly, when it considers important and challenging issues such as identifying dealing with customers experiencing vulnerability or building strong compliance capabilities and a compliance culture through the whole organisation.
More information on the Committees’ publications, including annual compliance reviews, inquiry reports and guidance notes which offer in-depth analysis and valuable guidance on good practice can be found here.
