Submission to: ASIC We have welcomed ASIC’s decision to review its guidance on internal dispute resolution for financial services providers. We support making the guidance on internal dispute resolution enforceable. We recommended that fairness and good industry practice are considered when financial firms are responding to complaints. We also supported a 30 day time limit to respond to a complaint.
Submission to: Treasury This submission from FCA and the State/Territory financial counselling associations supports the removal of digital retail search fees, such as those to access details about a company such as the names of directors. In a digital age, the cost of these searches is extremely low, and the public benefits would outweigh these costs. Financial counsellors are increasingly helping clients who operate small businesses and agencies cannot afford the costs of these searches. Some clients are not sure if they are directors or not and financial counsellors also assist people who have been coerced into becoming a director. If the Government does not decide to make these searches free, we recommend that financial counsellors are exempted from having to pay these costs. There is already a precedent, with journalists for example, having free access.