Premium funders are finalising the details of their first code of practice, which is set to come into effect next year.

The Australian Finance Industry Association (AFIA) is completing final consultations and aims to publish the document before the end of this year. An independent Code Compliance Committee will also be formed before the expected commencement next July.

“We have taken on board feedback received from stakeholders during our initial rounds of consultation, and now it is time to test some changes we’ve made to make sure they capture the sentiment and intent of their feedback,” AFIA CEO Diane Tate said.

‘We’ve tightened some sections and expanded others to make sure the industry’s commitments are clear and reflect stakeholders’ expectations about how to deliver better customer outcomes.”

The AFIA Insurance Premium Funding (IPF) working group includes BOQ Finance, Clearmatch, Elantis, Hunter Premium Funding, IQumulate and Westpac.

Those who would like to be involved in the consultation can contact AFIA by emailing info@afia.asn.au.