The government is taking more steps to ‘empower Australians’ when it comes to managing their money.
Australian Securities and Investments Commission (ASIC) said that the launch of the 2018 National Capability Strategy will give Australians control of their ‘financial lives’.
This announcement comes with the Royal Commission into the financial services playing in the background revealing industry practices that may not have always have been in the best interest of the consumer.
The strategy will help with:
“ASIC is committed to financial inclusion and better outcomes for all Australians. People are at the heart of the financial system and at the centre of this National Strategy. The financial sector as a financial community should be engaging in practices that promote fair consumer outcomes.” ASIC CEO James Shipton said. “In particular, we need to continue to encourage women to be more confident with money, young people to find the information they need when they need it, and support Indigenous Australians to access appropriate financial products and services. We want to see more Australians in control of their financial lives and I look forward to working collaboratively under the 2018 National Strategy to advance this important work”.
This will join the open banking model which empowers customers to use their data to get a more diverse range of financial products from other providers and the phased banking license model which has been created to lower the barriers to allow new banks unto the market, while protecting the integrity of ADI licences.
“The 2018 National Financial Capability Program drives programs and initiatives that make a difference in people’s lives. We want more Australians to access information and guidance they can trust to ensure everyone can make informed decisions.”