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June 30, 2006
Government to Review Franchise Disclosure Laws
Small Business Minister Fran Bailey has announced that the Australian franchising code of conduct will be under review
Small Business Minister Fran Bailey has announced that the Australian franchising code of conduct will be under review, in particular the disclosures section of the code, which relates to the information franchisors must disclose to their prospective franchisees.
Current Franchisors may be required to give more warnings to their franchisees about numerous parts of their franchise system, including Potential income, how the franchisor helps with site selection and how much help and support a franchisee will receive.
Fran Bailey states that recently concerns have been raised about the adequacy of the information disclosed to potential franchisees.
"Most people in the franchising sector do the right thing, but given the level of concern, I have decided to review the disclosures section of the code," she said.
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