Hand Franchises To Watchdog
Investing in a franchise business should be treated like investing in any other business and come under the scrutiny of the corporate watchdog, the Australian Securities and Investment Commission, a franchisee lobby group says.
The Franchisee Association of Australia (FAA) plans to bring this recommendation to the table through the new Federal Government’s Parliamentary Joint Committee on Corporations and Financial Services, which released its terms of reference in late June.
The committee is chaired by Queensland Labor MP Bernie Ripoll, who set up the inquiry after reading the findings of separate franchise inquiries recently concluded in Western Australia and South Australia.
David Beddall, a former Small Business Minister under the Hawke and Keating Governments who heads up the lobby group on a pro bono basis, believes his plan has a good chance of being will be adopted, because it will not only stop the duplication that goes on for each franchisee in investigating agreements separately through advisors, but will highlight common pitfalls. Read more.
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