Revised Banking Code leaves small businesses vulnerable to penalties, says the Ombudsman

Summary

Despite containing some positive initiatives for small business, the revised Banking Code of Practice hasn’t resolved issues with power imbalance and dispute resolution, according to Small Business and Family Enterprise Ombudsman, Kate Carnell. The Ombudsman was consulted on a draft version of the code, provided to ASIC this week for approval; however, she said she […]

Tags: ASBFEO, Asic, Bank, Banking Code of Practice, borrower, Kate Carnell, Loan, Ombudsman