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This written submission is provided by Consumer Action Law Centre (Consumer Action) following the conclusion of the Round 3 hearings on loans to small and medium enterprises.

Misconduct and conduct falling below community standards and expectations can cause harm to consumers. The evidence given in the hearings has shown that even when the conduct of financial service providers (FSPs) appears to comply with the relevant laws, regulatory guidelines and dispute resolution service approaches, the outcomes for consumers can fall well below the standards expected by the community.

We consider that changes are needed to create more fair and reasonable outcomes for consumers participating—mostly self-represented—in external dispute resolution service processes. The focus of this submission is the resolution of responsible lending complaints by small and medium enterprises and by consumers.

Read the full submission here [PDF].