Guiding principles of the framework

The Framework is built on principles recognising First Nations peoples’ diversity, knowledge systems, and the impacts of colonisation. Key principles include acknowledging the diversity of First Nations communities, recognising the strength of their cultural systems, and respecting their human rights. These principles were developed in consultation with First Nations peoples and will continue to guide ASIC’s work.

Who the framework is for

The Framework is intended for various stakeholders, including First Nations communities, ASIC and other consumer protection agencies, financial services providers, community service providers, and government agencies. These stakeholders are crucial for achieving the Framework’s outcomes, which include reduced harm from financial misconduct, improved access to financial products, and culturally appropriate financial services.

Key learnings

First Nations economies
Before colonisation, First Nations peoples had established economies based on sustainable practices and collective responsibility. These economies continue to influence how First Nations peoples view and use money today. Financial decisions are often made within the context of family and community responsibilities, with money seen as a shared resource.

Exclusion from the financial system
Historically, legislation and policies excluded First Nations peoples from the financial system. This exclusion has lasting impacts, as many First Nations communities have only had access to financial services in the last two or three generations. The imposed Western financial system often conflicts with First Nations values and priorities, making it challenging for these communities to engage effectively with financial services.

Financial and overall wellbeing
Financial wellbeing is closely linked to overall wellbeing. Issues with money can lead to physical and emotional stress, housing instability, and limited access to education. Many First Nations peoples face significant barriers in navigating the financial system, which exacerbates these issues. Reducing these burdens requires stronger collaboration and communication among stakeholders .

First Nations Peoples’ financial success
Financial success for First Nations peoples varies widely and should be respected and supported. Empowering these communities involves recognising their values and aspirations and ensuring they have the agency to engage with their finances on their terms. Positive stories of financial engagement should be shared to shift the narrative from disadvantage to strength.

Positive financial outcomes for First Nations Peoples
ASIC will embed the Key Learnings into its regulatory activities and promote confident and informed participation in the financial system. The Indigenous Outreach Program (IOP) will continue to guide ASIC’s efforts, ensuring culturally appropriate engagement with First Nations peoples. ASIC will also establish regular engagement streams with other stakeholders to support these efforts.

Recommendations

• Engagement and collaboration: Strengthen relationships with First Nations communities, financial services providers, and government agencies to ensure culturally appropriate and effective financial services.
• Data and metrics: Develop a robust data strategy to track progress and inform policy decisions.
  Empowerment and Education: Promote financial literacy and empowerment within First Nations communities, recognising their unique cultural contexts and needs.