Revised Headline: AFIA Strengthens Motor Finance Standards Amid ASIC Regulatory Insights

The Australian Finance Industry Association has reaffirmed its dedication to elevated standards within the motor finance sector following ASIC’s comprehensive review of lending practices and consumer impact.

AFIA CEO Diane Tate emphasized the collaborative potential between lenders, regulators, and consumer groups to enhance customer outcomes. She highlighted that while the ASIC report identified gaps, lenders have already advanced their compliance efforts.

AFIA’s new Finance Industry Code of Practice, set to take effect on October 1, 2026, aims to improve transparency, support vulnerable customers, and strengthen complaint resolution. Member organizations are actively adopting the framework to align with industry expectations.

The association underscored the critical role of motor finance in supporting vehicle ownership while acknowledging the need for continuous improvement. As the regulatory landscape evolves, AFIA remains committed to fostering fair, transparent, and responsible lending practices.

Continued collaboration with ASIC and stakeholders will ensure ongoing evaluation and refinement of standards to meet emerging challenges in the transport and broader economy sectors.

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