Australian Small Business and Family Enterprise Ombudsman Kate Carnell has met with House of Representatives Economics Committee chair David Coleman MP, to discuss in detail the findings of the ASBFEOs Small Business Bank Loans Inquiry, ahead of the next round of bank hearings in March. What we found through our inquiry process was that the banks did pretty much the opposite and only made minor changes around the edges; for example, one bank changed their terms and conditions from requiring customers to do anything the bank asks, to doing anything the bank reasonably asks.
- the Ombudsman raised her deep concerns regarding the unwillingness of the banks to abide by new laws
- “What we found through our inquiry process was that the banks did pretty much the opposite and only made minor changes”
- Carnell said the ASBFEO office will also be working with the Ramsey Review panel as they examine the financial system’s External Dispute Resolution
“What we found in our inquiry was there’s an urgent need for a non-judicial process to address retrospective cases of injustice by the banks.”