The Australian Securities & Investment Commission is supposed to protect consumers against financial scams. But who protects against their predatory practices?
Included in ASIC’s remit is maintaining the national business register, for which they charge a hefty annual fee of $329 (for a Pty Ltd company). But as many small business owners will know, being late is a sin punishable by fees that would make a backstreet loan shark blush.
For being just five days late, ASIC charges a late fee of $98. That’s 30%, translating into an interest rate of 219% pa.
The maximum interest allowed under Australian consumer law is 48% pa. (including fees). Will the incoming ASIC boss, Sarah Court, continue the practise of ASIC being above the laws that it is there to uphold?
Kim Wingerei is a businessman turned writer and commentator. He is passionate about free speech, human rights, democracy and the politics of change. Originally from Norway, Kim has lived in Australia for 30 years. Author of ‘Why Democracy is Broken – A Blueprint for Change’.