The Australian Securities and Investments Commission (ASIC) has published a framework aimed at supporting positive outcomes for First Nations people.

ASIC says the Indigenous Financial Services Framework’s long-term objectives include reducing the impact of harm and misconduct on individuals and communities and providing accessible and appropriate financial products and services such as insurance.

“The financial services industry is well placed to continue First Nations peoples’ journey towards full and effective use of banking services, the safety net of appropriate insurance, access to superannuation and suitable credit options,” ASIC says.

ASIC developed the framework through extensive and thorough consultations with First Nations peoples, financial services industry representatives, as well as fellow government departments, agencies and regulators.

The consultations were held with a range of sectors with national coverage, across broad geographic regions.

“The Framework highlights how ASIC will use these learnings to inform its work with First Nations consumers,” the regulator said.

Key learnings include understanding that First Nations peoples had unique, established economies before colonisation; they have been prohibited and excluded from participating in the Australian financial system; financial wellbeing affects all aspects of First Nations peoples’ lives; and they have many different versions of financial success.