Comment: Thursday will go down as a day of shame for the $170 billion franchise sector and the regulators | adele_ferguson
Brutal business models, suicides, marriage breakdowns and financial ruin were some of the stories told.The committee calls on government departments and agencies to “be alert to the risk that franchisors and their representatives can capture the policy and regulatory debate”.
To try and even up the power imbalance, the committee recommends franchisees mobilise and develop a strong national association to give them a platform to lobby. It is a good idea. Indeed the committee said it was “surprised” none of the relevant regulators had “undertaken any investigation that has led to court action, or, at the very least, public acknowledgement of misconduct". With that in mind, it recommended ASIC, ACCC and the Australian Taxation Office investigate the past and present senior executives and directors of RFG for the possibility of insider trading, tax avoidance and market disclosure.
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