Government calls a Claytons royal commission
The Minister for Revenue and Financial Services Kelly O'Dwyer has directed the Australian Small Business and Family Enterprise Ombudsman to examine cases of disputed small business lending practices highlighted in a recent parliamentary committee inquiry, as the government attempts to navigate past Parliamentary noise in support of a royal commission into banking.The ombudsman will revisit some of the core complaints of the most vocal agitators on alleged misconduct in banking, some with a Bankwest flavour.The ombudsman will inquire into the adequacy of the law to address concerns raised by the Parliamentary Joint Committee on Corporations and Financial Services in its report, 'Impairment of Customer Loans'.This committee report was released in May, coinciding with the calling of the election and was somewhat overshadowed by that event.The ombudsman has been asked to "examine selected cases identified by the Parliamentary Joint Committee and provide advice to Government to help determine if further regulatory action is required."The ombudsman has also been asked to recommend any reform measures that should be introduced to ensure financial products perform as they should. The announcement on the inquiry may have been timed to supply an antidote to parliamentary machinations over a royal commission, with the House of Representatives disposing of a Labor opposition motion by a narrow vote yesterday.