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.
29 May 2024
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CALL FOR REVIEW OF HARDSHIP
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Michael Walls
michael@accessnews.com.au
0407 783 413
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