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.
‘Blurred lines’: Businesses turn to consumer credit as access to finance worsens
Credit conditions for small businesses have worsened further over the last 12 months as housing prices fall, increasing risks for entrepreneurs.
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.
Viva la neobank: Big banks might be ignoring the meteor, but extinction is inevitable
Fast, customer-focused technology, delivered at a fraction of the build cost — that’s the promise of the new evolution of life in the banking industry.
Corporate regulator ASIC prosecuted more than 200 small businesses in second half of 2018
ASIC says it will be focusing on unfair contract terms and illegal phoenixing in 2019 after a tough year dealing with the banking royal commission.
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.
Hundreds of ANZ customers lose access to post office banking after corporate stand-off ends in tears
About 900 businesses regularly using postal banking will no longer be able to after negotiations between ANZ and Australia Post broke down.
A misguided $2 billion: What good is small-business capital if founders don’t know how to use it?
Over 70% of small businesses have no written plan of any kind, so what use is a $2 billion government-funded securitisation fund?
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.
