Corporate regulator alarmed at commonwealth finding that almost half of companies investigated failed to follow standards
The federal government investigated just 4% of businesses that enjoy direct access to the welfare payments of vulnerable Australians viaThe government is consulting on a proposal to overhaul Centrepay, a system that gives approved businesses access to welfare payments before they reach a recipient’s bank account.
Asic cited data showing that in 2022-23 the government only investigated 382 of the 10,205 registered Centrepay businesses, about 4%, for their compliance with the rules.Asic said it supported “the observation that a new approach to compliance is needed”. Over the past decade, consumer advocates have raised concerns that several of the businesses registered to access Centrepay may be causing financial harm to vulnerable customers.
Once a decision is handed down in the AGL case, the AER will consider how to act on the other three referrals.Our Australian afternoon update breaks down the key stories of the day, telling you what’s happening and why it matters“The AER is awaiting judgment in these proceedings before considering any action against the three retailers referred by Services Australia,” the AER said last week.
Services Australia has previously acknowledged the system needed improvement and said reform was a priority.
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