The Members of the Financiers' Association of Australia Limited believe that the interests of the public, of employees, of capital and management, can best be served through the voluntary formulation and observance of ethical standards and practices and the spirit of the law, rather than through exclusive reliance upon official enforcement of laws governing the finance business.

In accord with this conviction, the Members of this Association subscribe to the following principles:
  1. The foundation of all Finance business is confidence, which depends upon efficient service and fair dealing.
  2. The business should be maintained as a constructive agency in community life, affording considerate and responsible sources of credit.
  3. Facilities should be conserved for such constructive or emergent purposes as will result in improvement of the financial circumstances of customers.
  4. Members will assist and co-operate with proper authorities in the effective enforcement of laws governing finance in accordance with the true spirit of the laws.

To the end that these principles shall be applied in the operation of the finance business, the following standards of business conduct are adopted as binding upon the members of The Financiers' Association of Australia Limited.

  1. Members will explain fully to customers the actual cost, terms and contractual obligations of transactions.
  2. Members will use in all finance transactions written instruments as simple, lucid and unambiguous as circumstances will permit, and will draw such instruments with a view to the bona fide application of these standards of business conduct.
  3. Members will transact all business in such manner as to merit the respect and confidence of customers and the public.
  4. Members will resort to legal process for collection only in the event of misrepresentation, fraud or willful refusal to comply with the terms of the contract, and will extend reasonable consideration in cases of undue hardship.
  5. Members will adhere to generally accepted standards of business deportment in advertising, in their dealings with the public.
  6. Members will co-operate with supervising officials and other public authorities in the enforcement of laws and regulations, and will seek to secure universal observance of these standards and principles throughout the finance industry.
© 2006 FAA