Recommendation Relevant stakeholders Timing Recommendation 1.8 – Amending the Banking Code Australian Banking Association (ABA), individual banks The ABA has announced the amended Banking Code, incorporating recommendations 1.8 and 1.13, will be implemented by March 2020. The Government welcomes the Read More …
Tag: business
Improving Access to Redress
Further improving consumer and small business access to redress The Government is committed to ensuring consumers and small businesses can access redress when they suffer from financial sector misconduct. For too long, consumers and small businesses have missed out on, Read More …
Completed – No Action Required
Recommendation 1.1 – No change to the National Consumer Credit Protection Act 2009 (NCCP Act) The Government agreed not to amend the NCCP Act obligation to assess unsuitability of credit contracts. Recommendation 1.9 – No extension of the NCCP Act Read More …
The Government’s comprehensive reform agenda
The Government’s response to the Royal Commission, Restoring trust in Australia’s financial system, committed the Government to taking action on all 76 recommendations of the Royal Commission. Of the 76 recommendations, 54 were directed to Government. 18 further commitments were Read More …
1.10 — Definition of ‘small business’
The ABA should amend the definition of ‘small business’ in the Banking Code so that the Code applies to any business or group employing fewer than 100 full‑time equivalent employees, where the loan applied for is less than $5 million. Read More …
1.9 — No extension of the NCCP Act
The NCCP Act should not be amended to extend its operation to lending to small businesses. Government Response The Government agrees to this recommendation and the Commissioner’s findings that extending the responsible lending obligations in the NCCP Act would likely Read More …
Further improving consumer and small business access to redress
Consumers have a right to be protected from misconduct or conduct that falls below community standards and expectations. They also have a right to redress when there are breaches of the law. The Government has implemented important reforms to ensure Read More …
The Government will build on its existing reforms
The Royal Commission has endorsed many of the themes and individual reforms the Government is currently pursuing. However, the Royal Commission has also found that there is further work to be done. The Government agrees. The Royal Commission has shone Read More …
Lending to small and medium enterprises
Recommendation 1.9 – No extension of the NCCP Act The NCCP Act should not be amended to extend its operation to lending to small businesses. Recommendation 1.10 – Definition of ‘small business’ The ABA should amend the definition of ‘small Read More …
Submission themes
The following summaries provide further analysis of the key themes or conduct that was raised in public submissions received by the Commission. Figure 9: SMEs submissions: Key themes Responsible lending The Commission received over 315 submissions that focused on unfair Read More …