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Yet another research investigating another banking service - non-bank financiers now in the limelight of the Senate.

A Senate investigation into "credit and finance for Australians facing serious economic difficulties" was announced on Wednesday 17 October 2018, following a recent Australian judicial investigation into the state of finance in Australia. In the course of the last year, Australians have observed a suggested Senate investigation into the transformation of the US finance and finance sectors into the Royal Commission into malpractice in the finance, pensions and finance sectors (Hayne Royal Commission), an ongoing Senate investigation into Macquarie Banka, a series of ASIC proceedings against the four major US and Australian governments for alleging exchange control of the bill, and significant policy and anti-money laundering fraud.

It is now time for non-bank creditors to face their own open investigation. What is the reason for another request? This Senate investigation was suggested by the Labour Committee, which loudly supported an prolongation of the Hayne Royal Commission to allow the Commission to hear appropriate responses to casualties of finance fraud and to investigate the behaviour of non-major banking and pension fund and insurance companies.

The workers got assistance from the Greens, Derryn Hinch and Centre Alliance independents Rex Patrick and Stirling Griff, who permitted the petition to go through the Senate. Senate inquiry's mandate is to investigate loans and finance products directed at Australians at risk due to economic difficulties, taking into account in particular: daily payers and suppliers of retail leases; credit companies, credit managers, credit intermediaries, credit repair agencies and individual budget service companies.

It is the duty of the Senate to review the present regime of these suppliers and to assess whether this behaviour is in line with EU norms and aspirations or in need of revision, as well as the ability and ability of the advisory industry to deliver support to the most vulnerable members of the EU.

Hold on - don't we already have a royal commission for these questions? We do, but Labor has tabled the request on the grounds that the Hayne Royal Commission does not sufficiently address this area of the finance sector. Hayne Royal Commission's mandate defines a "financial service company" as: an approved depositor protection organisation (ADI) under the Banking Act 1959 (Vic); an insurer (or reinsurer) operation; a natural or legal person who has an Australian Finance Service Licence (AFSL); a natural or legal person who acts as an agent between a borrower and a lender.

Banks other than banks do not receive deposit funds and are therefore not FDIs and many do not demand and therefore do not own AFSLs. That means they do not usually fall under the mandate of the Hayne Royal Commission. Which are non-banking creditors and what part do they have in the business world?

Foreign exchange swaps are used to hedge the foreign exchange risk of foreign exchange swaps. You are not a local cooperative, a bausparkasse or a credit cooperative. That means they cannot provide investment account services (savings account, transactions account and time deposits) and are not governed by the Australian Prudential Regulatory Authority (APRA), although they are governed by ASIC, which includes the National Consumer Credit Protection Act 2009.

None of the banking providers finance credits on the wholesale markets as they do not have direct deposit financing to them. In Australia, the need for non-banking lender service is increasing. As well as buy now pay later firms like Afterpay, non-banks account for about 10% of the Australian real estate markets and expectation is that they will fill the gap created by the big banks' decreasing appetites for riskier commercial and home finance credit.

Latest reporting suggests that the need for shortterm and long-term funding from intermediaries, but also directly from developments whose funding needs do not match those of large providers in the face of tighter credit standards, is growing. Non-bank loans are likely to increase further as the Hayne Royal Commission and APRA continues to review the large banking groups.

It is expected that retail and fund issuers will provide more resources to non-bank financiers as higher yields can be achieved in this area. The result is that the Hayne Royal Commission has not investigated the behaviour of a burgeoning - and less heavily regulated practitioner in the Australia finance industry, which poses significant risk to some Australians.

Now the Senate will begin this trial. So what can we look forward to from the Senate investigation? A Senate investigation's thrust is defined by its mandate. At present, in this case, the tasks are more addressed to payment date creditors and credit institutions than to major non-bank creditors.

However, the mandate may be extended, but this extension may only be made by a proposal approved by the Senate, since the investigation has only the power conferred upon it by the Senate itself. Investigation shall have the following powers: taking of oath of proof; production of documentary evidence. 3. Importantly, it should be noted that the mandate for the investigation contains the overall framework that allows the investigation to examine "all other matters".

Although the request may currently be finite, we have seen that earlier requests are expanding beyond their expected limits, and that can be done here. And one last thought - if the government changes at the forthcoming elections, the Labour has already pledged to extend the Hayne Royal Commission. In general, we assume that the review of the non-banking credit industry could be part of an prolongation.