ASIC has released a small business strategy covering the next three years.

ASIC has released its Small Business Strategy 2017-2020, which outlines the work the regulator does to support the small business sector.

ASIC commissioner John Price said this support involves three things:

  • Engaging with small business to understand their challenges and opportunities
  • Helping small business through ASIC’s registry services
  • Protecting small business by ensuring businesses of all sizes play by the same rules

“We assist small business through our registry services and by providing information to build financial capability in current and future small business owners, by providing regulatory guidance, and we also protect small business through our ongoing surveillance, enforcement and policy work,” Mr Price said.

“An example of ASIC’s work, together with the Australian Small Business & Family Enterprise Ombudsman, is the changes by the big four banks to eliminate unfair terms from small business contracts.”