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Regulatory Strategy
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AFSA is a visible, modern and contemporary regulator. Our holistic approach to regulation improves access to credit and increases financial stability, contributing to economic and social outcomes. We anticipate and respond to our operating environment to safeguard a strong credit system for Australia now and for the future.
The AFSA Regulatory Strategy 2023-27 covers a four-year period and provides the regulatory principles and foundations AFSA works from. The Regulatory Action Statement is an annual outlook, identifying key focus areas within system vulnerability, system efficiency and system misuse.
AFSA Regulatory Strategy 2023-27
The Regulatory Strategy articulates AFSA’s regulatory stewardship approach and informs our operational policies and plans.
It shows our strong and balanced regulatory posture and our collaborative, whole-of-system and intelligence-based approach to regulation. We are nuanced and proportionate in our responses and focus our activities to deliver economic and social outcomes.
Regulatory Action Statement 2023-24
The Regulatory Action Statement (formerly known as the Compliance Program) forecasts our key anticipated harms for each year, the activities we will be undertaking to mitigate those harms and which regulatory levers we use in our responses.
In 2023–24 AFSA anticipates 3 key harms:
- untrustworthy advisors
- undisclosed debts on goods and lack of awareness of security options for personal property
- criminal syndicates’ distortion of markets.
Our three enduring regulatory priorities are system vulnerability, system efficiency and system misuse. These are of critical importance to the public value we provide as a regulatory steward. We identify actions to address the emerging harms for the year across our enduring priorities, ensuring we target the areas of greatest harm or impact.
Our summary document shows our regulatory priorities and 10 actions in 2023-24 at a glance, along with the regulatory levers being used to address the harms.