07 February 2019
The Banking Royal Commission and Small Business (Part One)
The final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry is now available. So what does this mean for small businesses dealing with banks and other financial institutions?
Ombudsman Kate Carnell discusses key recommendations in the report that, if adopted, will impact the small business sector:
- changes to the Code of Banking Practice
- a move to legally enforce the Code
- small business access to finance.
Find the full report here - treasury.gov.au/publication/p2019-fsrc-final-report/