A general recommendation is that, as far as possible, exceptions and qualifications to generally applicable norms of conduct in legislation governing financial services entities should be eliminated (Recommendation 7.3). In this way, the first, and essential, step to take is Read More …
Tag: small business
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 …
Interim Report
No. Received from 1 ACBF Group Holdings PTY LTD 2 Mario Andres Munoz Acosta 3 Thomas W Adams 4 Adaptive Cultures Pty Ltd 5 Ahmed Ahmetagic 6 Aidin 7 Patricia Ainsworth 8 Max Aleckson 9 Robert Alexander 10 Margaret Mary 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 …
Overview
The Commission received 1,211 public submissions identifying small business finance as part of their dealings with financial services. These submissions also included issues with larger lenders, smaller ADIs and intermediaries. Issues raised in submissions were similar in nature to issues Read More …
Submissions by state/territory
Submissions identifying small business finance as a relevant issue were received from all states and territories. The largest proportion of submissions relating to small business finance came from New South Wales (357 submissions), followed by Victoria (281 submissions), Queensland (272 Read More …
Total submissions
The Commission has received a total of 1,211 submissions that identified small business finance as a relevant nature of dealing, making up approximately 12% of the total 10,323 submissions received.
Small and medium enterprises (SMEs)
The Commission explored issues relating to small and medium enterprises (SMEs) during Round 3 of its public hearings, held in Melbourne from 21 May–1 June 2018. Round 3 focused on issues relating to the provision of loans and whether the Read More …
2 Legal assistance and financial counselling services
The asymmetry of knowledge and power between consumers and financial services entities has been evident throughout the Commission’s work. Financial products and services have grown ever more complicated, numerous, and difficult to distinguish. Engagement with the financial services industry, by Read More …
1.1 A compensation scheme of last resort
The Terms of Reference require me to consider ‘the effectiveness of mechanisms for redress of consumers of financial services who suffer detriment as a result of misconduct by financial services entities’.[1] Accordingly, in the Interim Report, I asked whether existing Read More …