Banks morally judging adult industry
Banks have passed moral judgments on the adult industry by refusing to provide financial services to legitimate participants in the industry, according to the Australian Small Business and Family Enterprise Ombudsman.
A recent Eros Association report found that most people working in the adult industry, which employs 25,000 people and has an annual turnover of $2.6 billion, had experienced discrimination when applying for financial services.
This included both the refusal of service and the withdrawal of existing services. One industry operator had had their merchant facilities had been withdrawn after over 20 years with the same financial institution.
Kate Carnell, the Ombudsman, said that banks should not be making moral judgments on legitimately registered businesses.
“It’s hypocritical that banks do not provide services to the adult industry when businesses are appropriately registered and regulated,” Carnell said.
“Access to banking services is essential for legitimate businesses to operate.”
The Ombudsman also expressed concern that the banks’ actions would compromise efforts to combat the black economy of illegitimate adult industry businesses.
AUTHOR
Hannah Wootton
Recommended for you
A new funds distribution business has launched in Australia, seeking to bring institutional offerings to the wholesale market and led by co-founder of Jamieson Coote Bonds.
Higher interest rates could be on the cards for 2026 after monthly CPI inflation for October showed an increase of 3.8 per cent.
Global actively managed ETF assets hit a record high in October, according to independent research and consultancy firm ETFGI, breaking the record set the previous month.
Federation Asset Management has appointed an investment director and head of responsible investments to support ESG integration strategy across the firm.
