Royal commission reforms to “broken” banking code delayed as ombudsman urges scrutiny over get-out-of-jail clauses
It will be about 18 months before a royal commission banking code proposal is implemented after lobbyists pushed for a delay.
The new banking code looks impressive, but what does it mean for small businesses?
On July 1, the banking industry got yet another code of conduct, and although it is voluntary, all of the retail banks have signed up.
ASIC approves July 1 business banking reforms, but delays decision on controversial definition
ASIC has given a partial tick of approval to proposed changes to how small businses banking is regulated, but more controversial changes remain in question.
Concerns SMEs could miss out on royal commission compensation as AFCA receives expanded remit
AFCA's small business lead is encouraging business owners with complaints to give him a ring, while others call for the authorities remit to be expanded.
Free legal advice for small-business victims of banking misconduct under Labor election pitch
Small businesses will be able to access free legal advice to help them with claims against banks if Labor wins the next election.
“Cop out”: Banking lobby resists changing small-business lending rules
The ABA has refused to commit to changing the definition of small business in the banking industry code, outlining concerns about small-business lending.
Keeping finance fair: AFCA’s new small biz ombudsman prepares for royal commission compensation claims
AFCA's new small business ombudsman is preparing for a busy first year as post-royal commission compo claims fly in to the new complaint body.
Financial complaints skyrocket: Hundreds of businesses spill the beans to new watchdog AFCA
In its first month of operation, AFCA has recorded a 47% increase in complaints, with 460 small businesses spilling the beans on their banking and financial services grievances.
“Life or death for small business”: Financial complaints authority to appoint dedicated ombudsman for SMEs
The newly established Australian Financial Complaints Authority is bringing on a small business ombudsman to look after the small end of town.
“Too many outs”: Ombudsman slams banking code for being weak on small business protections
The code covering SME lending requires a major overhaul to protect businesses from the power of the big banks, Australia's small business watchdog says.
New banking Code of Practice levels SME playing field, but Ombudsman disappointed at $3 million loan threshold
A newly minted banking Code of Practice has been heralded as a win for small business in the aftermath of the banking royal commission.
