Financial Institutions Need to Restore Faith for Long Term Stability: CCIQ
The Chamber of Commerce and Industry Queensland (CCIQ) welcomes the release and the recommendations outlined in the final report of the Hayne Royal Commission into the Banking, Superannuation and Financial Services Industry.
CCIQ’s Head of Industry Dan Petrie said that while the Commission’s report may be uncomfortable reading for the finance sector, decisive action by financial institutions needs to be taken to restore small business confidence in the sector.
'The financial services system is a core pillar of the Australian economy and faith in that system needs to be restored for long term stability," Mr Petrie said.
“The small business community is appalled at some of the behaviour exposed during the Hayne Royal Commission.
"Access to credit at a reasonable lending rate remains a key challenge for businesses. It is imperative that banks do not close up credit for small to medium sized businesses"
CCIQ supports the adoption of the report’s 76 recommendations with the appropriate timeframe on transitioning such arrangements over the medium to long term.