Regulatory Alerts2025-09-25
ASIC urges ongoing customer focus following welcome improvements in hardship support
The Australian Securities and Investments Commission (ASIC) has released Report 815 acknowledging significant improvements in lenders' hardship support practices while maintaining concerns about the overall quality of responses. Commissioner Kate O’Rourke emphasized that lenders must continue to adopt proactive, continuous improvement approaches to avoid cookie-cutter treatments and better support customers facing financial distress. ASIC will monitor these efforts closely and has previously taken decisive enforcement action against major banks, including NAB and ANZ, for failing to meet their legal obligations regarding hardship notices.
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