What the corporate watchdog found regarding banks and their financial hardship assistance

Australians facing financial hardship are finding accessing assistance confusing and frustrating as banks are accused of making it too difficult to get help.

ASIC commissioner Alan Kirkland, says banks were not doing enough to let customers know they can reach out for assistance.

“And when people did,  often they were put through this complicated or convoluted process that meant a lot of people just dropped out halfway through the process,” he told Ross and Russ.

Press PLAY to hear what he thinks is making the process so difficult for customers

He also says they’ve had to take banks to court.

“We’ve got legal action underway right now against Westpac for failing to respond to hardship notices given by their customers,” he added.

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