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Economy and Fair Work Committee
Meeting date: 29 January 2025
Ivan McKee
That is a good question. I will defer to officials, as I have not been through the consultation responses in detail. Does Jill Clark want to pick that up?
Economy and Fair Work Committee
Meeting date: 29 January 2025
Ivan McKee
Has that not come forward?
Economy and Fair Work Committee
Meeting date: 29 January 2025
Ivan McKee
The keeper will be watching that as part of her on-going business and engagement with ministers. The same would apply to the whole range of fees that ROS charges for various services. I do not think that there is any specific trigger for a review, but there would be a process—annually, I think—whereby there would be the opportunity to engage on that.
Economy and Fair Work Committee
Meeting date: 29 January 2025
Ivan McKee
That is a good point. The best plan is for us to take that away and reflect on it, and then come back to you. As I said, when individuals were taken out of the scope of the bill, the sense was that there was no requirement for that, because the vast bulk of money advice agencies would be operating on behalf of individuals. However, you are right that a sole trader could find themselves in that position. I will go and check what that situation looks like at the moment. I do not know whether we have got any data on how many searches we might expect money advice organisations to undertake, but I suspect that it would not be a big number in the grand scheme of things. We will reflect on that, engage with the keeper and respond to the committee.
Economy and Fair Work Committee
Meeting date: 29 January 2025
Ivan McKee
There is provision for that to be done. I suppose that your question is why people would do that. People on both sides of the transaction have an interest in keeping the registers up to date, as they reflect their commercial reality. Does anyone else want to comment?
Economy and Fair Work Committee
Meeting date: 29 January 2025
Ivan McKee
Putting that information up is a necessary part of the process, is it not? The whole point is to make that information visible.
Economy and Fair Work Committee
Meeting date: 29 January 2025
Ivan McKee
The question is whether there is an onus on the registers to verify information that they are presented with. Indeed, it is not even information that is the issue, because the information will be accurate; it is the intent behind the information. I suppose that the answer to that is that the register can only check what is in front of it.
Economy and Fair Work Committee
Meeting date: 29 January 2025
Ivan McKee
The information might also be commercially sensitive. I assume that we do not put every invoice on to the register.
Economy and Fair Work Committee
Meeting date: 29 January 2025
Ivan McKee
That is a good point. The registers would make that information easily available for anyone who chose to search for it. You are absolutely right that raising awareness of the change is important.
Jill, would you like to comment on what we have done specifically in that regard?
Economy and Fair Work Committee
Meeting date: 29 January 2025
Ivan McKee
That is a very good point, and you are right. Engaging with the profession is one thing, but, as you say, in many cases, legal support would not be engaged in those transactions. I am happy to take that away to look at how we can raise awareness more comprehensively through business organisations and at how we can raise the profile more generally.