hardship

The regulator has reinforced the importance of hardship support and highlighted some key areas where lenders can improve.

NAB has been targeted by ASIC after allegedly failing to support customers when applying for hardship support.

In an open letter to 30 large lenders, the corporate watchdog has urged them to step up their support for customers grappling with financial hardship.

Latest NAB hardship data has revealed Australians’ cost concerns and workforce changes to suit.

The major lender has found the number of Australians who have experienced financial hardship rose to 44 per cent in Q3 2023.

A recent study has unpacked the key SME investment areas. Interestingly, AI wasn’t a top priority, attributed to financial difficulties.

While most households are meeting loan repayments, hardship applications have risen materially, according to the Council of Financial Regulators.

Lenders are being urged to improve their hardship services with an increasing number of Australians needing assistance.

The regulator has warned lenders that it will take enforcement action if they do not improve their financial hardship assistance services.

Fewer borrowers took out mortgages in the second quarter of June 2023 as the impact of rising rates becomes “more evident”, data has revealed.

The major bank and one of its subsidiaries have been penalised by ASIC for failing customers facing financial hardship.

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ASIC alleged the major bank failed to process 229 hardship applications within 21 days between 2015 and 2022.