AFIA Launches New Code to Elevate Non-Bank Lending Standards

The AFIA Code sets out principles for transparency, fairness, and customer confidence, and is designed to help members meet legal obligations and community expectations. It applies to a broad range of finance products and services, including credit, finance, and novated leasing offered by AFIA members to consumers and small businesses.

By implementing this code, AFIA seeks to enhance consumer trust and confidence in non-bank lenders, ensuring that customers receive fair treatment and clear information about financial products and services. The code also aims to promote responsible lending practices and improve the overall reputation of the non-bank lending sector.

For consumers, this development means greater assurance when engaging with non-bank lenders, knowing that these institutions are committed to upholding high standards of conduct. It also provides a framework for addressing any grievances, ensuring that customer concerns are handled appropriately and transparently.

As the financial landscape continues to evolve, initiatives like the AFIA Code of Practice play a crucial role in fostering a more ethical and customer-centric industry, ultimately benefiting both lenders and borrowers.