And Westpac has defended its decision to lend money to a Victorian woman and her business partner for a Pie Face franchise that quickly failed. The banking royal commission has shifted its focus this week to small business lending, with concerns raised about the major banks’ willingness to lend to small businesspeople with sometimes problematic business plans. The borrowers complained to the Financial Ombudsman Service that ANZ should not have approved the business loan and other credit facilities totalling $220,000 because they could not service the debt. Her sister-in-law owned the other half of the business loan. However, it found Westpac was entitled to take the full amount owed for the business loan.

Source: The Guardian May 23, 2018 10:30 UTC