REP 782 Hardship, hard to get help: Findings and actions to support customers in financial hardship

Released 20 May 2024

This report is for all lenders that provide credit regulated under the National Credit Code, particularly for staff within compliance and hardship functions.

It sets out the findings of our review of the end-to-end policies, processes and practices of 10 large lenders in responding to home loan customers experiencing financial hardship. Overall, we found lenders were not doing enough to support their customers experiencing financial hardship.

This report also outlines how lenders should support their customers experiencing financial hardship, and provides insights into good and poor practices that ASIC observed. While the review was specific to home lending, the insights are relevant to dealing with hardship involving all types of credit.

Read the report (PDF 1.6 MB) 

More information:

• 24-104MR ASIC report: Australians need better hardship support from their lenders
• Report 783 Hardship, hard to get help: Lenders fall short in financial hardship support