Editors Picks
Wednesday, 29 May 2024
Call for review of hardship
THE Australian Financial Complaints Authority (AFCA) supports ASIC’s call for lenders to better assist customers facing financial hardship. ASIC’s report highlights lenders’ shortcomings in providing adequate hardship support. AFCA’s data shows a 25% increase in financial difficulty complaints in 2023, with a third related to home loans. AFCA urges lenders to offer individualized assistance and avoid “cookie cutter” responses. AFCA continues to monitor these trends to address systemic issues.
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Michael Walls
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