Our interim loans inquiry report recommended the need for greater emphasis on small-business lending in the Code of Banking Practice, and highlighted the limitations of the Financial Ombudsman Service (FOS) in dealing with disputes between small businesses and their financial lender. Executives from the four major banks will attend hearings this week to be conducted by the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Ms Kate Carnell to gather information for the ASBFEO’s Small-Business Loans Inquiry.
Key Takeaways:
- Our interim loans inquiry report recommended the need for greater emphasis on small-business lending in the Code of Banking Practice, and highlighted the limitations of the Financial Ombudsman Service (FOS) in dealing with disputes between small businesses and their financial lender.
- Executives from the four major banks will attend hearings this week to be conducted by the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Ms Kate Carnell to gather information for the ASBFEO’s Small-Business Loans Inquiry.
- Senior bank executives from ANZ, NAB, Westpac and the Commonwealth Bank have been summonsed to appear at the hearings – which takes place 29 and 30 November – and will be questioned on their practices in relation to small-business lending.
“Senior bank executives from ANZ, NAB, Westpac and the Commonwealth Bank have been summonsed to appear at the hearings – which takes place 29 and 30 November – and will be questioned on their practices in relation to small-business lending.”
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