Peak body urges regulatory reforms on financial abuse

ARCA, an association focused on credit reporting and consumer data, has welcomed the parliamentary joint committee on corporations and financial services’ report and called for greater industry collaboration to tackle the issue of financial abuse in domestic relationships.

ARCA’s CEO, Elsa Markula, highlighted the devastating impact domestic abuse can have on an individual’s creditworthiness and their relationship with the credit reporting system.

She emphasised the need for further support for victims and victim-survivors interacting with the system.

“ARCA and our members recognise the devastating impact domestic abuse can have on an individual’s relationship with credit, and how their creditworthiness is seen through the lens of the credit reporting system. More must be done to assist victims and victim-survivors when they and their representatives interact with the credit reporting system,” Markula said.

“We are strong supporters of the report from the Parliamentary Joint Committee, which is far-reaching and hugely significant. There is an opportunity to uplift industry practice and drive greater consistency in how financial institutions respond to financial abuse, which will see improved outcomes for victims and victim-survivors.”

In recent years, ARCA has conducted extensive consultations with specialists, including lived experience experts, financial counsellors, community legal services, and government organisations.