Recent amendments to the Franchising Code of Conduct were made to bring in the Franchise Disclosure Register. The Register was created to give prospective franchise buyers, current franchisees and other interested parties access to important information that will help them make better informed business decisions.
The Register will be coming into effect on November 14th 2022, but what does that mean for franchisors? Here are the bullet points:
- The Franchise Disclosure Register is a public information service where franchise buyers and other users can search franchisor profiles.
- The franchisor profiles consist of: franchisor name, ABN, registered address, business phone number and email address, & operating name.
- The information has to be disclosed by 14th of November, with the Registry going live on the 15th of November.
- Franchisors have to update the information on the Register at least once a year.
For more information on how the Franchise Disclosure Register works and what you need to do before November, visit the Franchise Disclosure website.