7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Lenders have made applying for financial assistance so difficult that one-in-three homeowners struggling with mortgage stress give up on the process, the corporate watchdog says. A scathing report from the Australia n Securities and Investments Commission says bank and non-bank lenders are failing struggling customers. The number of hardship notices submitted by customers jumped by more than half in the last quarter of 2023, year-on-year.
The leading reasons behind customer hardship notices were over-commitment, followed by reduced income, medical reasons, unemployment and separation. The report also found two-in-five customers who secured support fell into arrears at the end of the assistance period. Vulnerable customers ignored ASIC commissioner Alan Kirkland said lenders’ financial hardship programs were failing to meet borrower needs.
Banking Business ASIC News Australia Business Business Money
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CommBank to refi PE-backed logistics giant; Daimler, IFM tip into debtThe new loan comes four years after Allegro Funds, led by dealmaker Adrian Loader, paid less than $10 million to acquire Team Global Express.
Read more »
PwC tax leaks scandal: Let ASIC police big four conflicts: SamuelFormer ACCC chairman Graeme Samuel says the big four’s governance changes looked good on paper, but would not fundamentally change the culture of the firms.
Read more »
ASIC puts superannuation funds on notice over advice feesSuper funds are obliged to ensure members are only charged for financial advice they actually receive but not all are doing so.
Read more »
John Hempton tip-off: ASIC secretly probed IAG’s Greensill disclosureAs IAG raised $750m, a hedge fund’s tip-off claimed there was scant detail about exposure to fast financier Greensill Group. Since then, $7b in gross claims have been declared.
Read more »
Magnis Energy, Frank Poullas sued by ASIC for misleading disclosureThe regulator is suing Magnis Energy and chairman Frank Poullas in Federal Court for misleading investors over the “parlous state” of its battery factory.
Read more »
CBA ASX : ASIC chairman Joe Longo ‘very disturbed’ about Commonwealth Bank’s bonus moveJoe Longo said he had raised concerns about CBA’s breach of bonus caps directly with the bank’s chairman Paul O’Malley and urged the bank to reconsider.
Read more »