What does AFIC mean in AUSTRALIAN
The Australian Financial Institutions Commission (AFIC) is an independent statutory agency responsible for regulating the banking and financial services industry in Australia. AFIC enforces a range of laws to ensure the stability and integrity of the Australian financial system, promotes consumer protection and facilitates open competition in banking and finance.
AFIC meaning in Australian in Regional
AFIC mostly used in an acronym Australian in Category Regional that means Australian Financial Institutions Commission
Shorthand: AFIC,
Full Form: Australian Financial Institutions Commission
For more information of "Australian Financial Institutions Commission", see the section below.
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Essential Questions and Answers on Australian Financial Institutions Commission in "REGIONAL»AUSTRALIAN"
What does AFIC do?
AFIC is responsible for regulating the banking and financial services industry in Australia. It enforces a range of laws to maintain stability, promote consumer protection, and encourage open competition in banking and finance.
How long has AFIC been around?
AFIC was established as part of reforms to Australia's banking system in 1993.
What kind of regulations does AFIC enforce?
AFIC enforces a range of laws to ensure the stability and integrity of the Australian financial system, promote consumer protection and facilitate open competition in banking and finance.
Who oversees the regulations enforced by AFIC?
AFIC is overseen by an independent Board comprising representatives from government, industry, consumer organizations, academia, Indigenous communities, unions and other key stakeholders.
Does AFIC provide any other services?
In addition to its regulatory role, AFIC also provides data analysis services on payment systems used by banks in Australia. It also provides guidance on effective approaches to risk management in the financial sector.
Final Words:
Overall, AFIC plays a crucial role in regulating the banking and financial services industry in Australia by enforcing a range of laws that promote stability and consumer protection while encouraging open competition across sectors.
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