The Australian Small Business and Family Enterprise Ombudsman Bruce Billson has welcomed ASIC’s announcement that they have cancelled or suspended Australian credit licences for failing to be a member of the Australian Financial Complaints Authority (AFCA).

Australian credit licence holders are required by law to join AFCA, which has been set up to sort out complaints between financial firms that are members and their small business and consumer customers that can’t resolve matters themselves.

In the period 1 January 2021 to 30 June 2021, 24 licences were cancelled.

In this video Ombudsman Bruce Billson discusses the role of our office.

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Transcript

The Australian Small Business and Family Enterprise Ombudsman Bruce Billson has welcomed the banks’ ongoing efforts to support small businesses impacted by COVID-19 lockdowns.

The Australian Banking Association says banks will defer loan repayments for small businesses affected by lockdowns throughout Australia for three months.

“This is a positive initiative that will help many struggling small businesses stay afloat in these challenging times,” Mr Billson says.