Inquiry into Competition in the Australian Financial System – Joint Submission
Submission to: The Productivity Commission
Related Projects
Modernising Registry Fees Consultation Paper
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.
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.
Online Small Business Lenders Code of Practice
Submission to: AFIA
Unlike consumer lending, which is regulated by the National Credit Law, there are relatively few protections for small businesses when they borrow money. The submission therefore supports AFIA’s development of the Online Small Business Lenders Code of Practice. However it argues the Code and its governance require significant strengthening.
Unlike consumer lending, which is regulated by the National Credit Law, there are relatively few protections for small businesses when they borrow money. The submission therefore supports AFIA’s development of the Online Small Business Lenders Code of Practice. However it argues the Code and its governance require significant strengthening.