ASIC says it plans to monitor the fair treatment of small business and monitor lenders’ compliance with small business protections.
ASIC has reaffirmed the importance of small business in its new corporate plan covering the period from FY19 to FY22.
In the financial year ahead, ASIC said it would:
- Monitor the fair treatment of small business
- Monitor lenders’ compliance with small business protections in unfair contract terms legislation
- Support small business by providing information, tools and resources
ASIC said it would also focus on compliance by small business, including:
- Director misconduct
- Illegal phoenix behaviour
- Non-compliance with financial reporting obligations
“As Australia’s regulator for companies, financial markets and providers of financial services and consumer credit, ASIC works to help small business succeed as a key driver of the Australian economy,” ASIC commissioner John Price said.
“Small businesses employ half of Australia’s workforce and make up one-fifth of Australia’s gross domestic product so it’s vital that ASIC helps create an environment that develops the small business sector.”