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Corrs unveils FIA plan
The national law firm has become the latest member of the legal fraternity to launch a Financial Inclusion Action Plan.
Emma Musgrave
Corrs Chambers Westgarth has confirmed it has published its inaugural Financial Inclusion Action Plan (FIAP), which aims to help improve financial inclusion and aid people experiencing severe financial vulnerability or distress to improve their lives.
In doing so, Corrs has become one of only 30 trailblazing organisations including banks, charities, utilities, governments and universities – and one of only two law firms – to have a FIAP in place.
The FIAP program is led by Good Shepherd Microfinance, a not-for-profit community organisation, on behalf of the Commonwealth government in partnership with the Centre for Social Impact and EY, according to a statement from the firm.
In announcing the launch of the FIAP, chairman of Corrs' pro bono and partner Jeremy King highlighted its importance, noting that more than 2.5 million Australians say they have no savings, only one-in-five Australians say they have full control over their finances and 45 per cent of people earning less than $40,000 a year say their financial situation worsened in 2017.
“Corrs became involved in the FIAP initiative because of our pioneering attitude towards our national pro bono program and the generosity of spirit that exists at the firm,” Mr King said.
“We recognised legal impediments are preventing people fully participating in the Australian economy, and our clients – many of which are also FIAP trailblazers – require legal support in order to implement their own FIAPs.
“We are also mindful that issues of financial distress, on its own or as a result of physical or mental illness, the death of a close relative, or marital breakdown, could affect any one of our own partners or staff.”
Mr King explained the Corrs FIAP plan focuses on four key areas.
They include “collaborating across industries and clients to develop and promote products and services that support those at risk of financial exclusion in the community; actively engaging with suppliers, clients and other FIAP participants, both within and outside of the legal sector, to share ideas and collaborate on initiatives that help increase awareness and reduce financial exclusion within their organisation;building on successful relationships with pro bono organisations and social enterprises to identify opportunities to enhance financial inclusion in the community; and continuing to provide programs in partnership with these stakeholders to assist and promote financial inclusion and access to justice for vulnerable groups and individuals”.
“We believe the ‘community of practice’ that is developing among FIAP trailblazers will reduce the impact of financial exclusion in Australia,” Mr King said.
“It will also make it easier for vulnerable and disadvantaged people to access financial products and services that many of us may take for granted, such as bank accounts, debits cards, insurance and superannuation.
“We also hope that our FIAP will help to ease the negative impact of a dramatic life event for our people and our clients.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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