ASIC calls on lenders to support customers

With the cost of living crisis and increase in interest rates hitting Australian households, there is growing evidence that many are falling into financial stress. It is with this background that ASIC has issued an open letter to various banks, credit institutions, and lenders, calling on them to ensure that their customers have the appropriate level of support. It has further reminded lenders that under s 72 of the National Credit Code, providers must consider varying a customer’s credit contract if they are notified that these credit obligations are unable to be met.

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