Banks adopt caring attitude to hardship cases

Banks have adopted clear and unambiguous policies that assist borrowers who find themselves in financial hardship. Consumer groups have welcomed the updated Code of Banking Practice released last week.

Consumer advocate Elissa Freeman said the updated code contains “12 separate recommendations around the ways banks should deal with financial hardship, and that's a very positive improvement".

Banks were urged to adopt a clear commitment to responsible lending but have instead opted to wait and see what the federal government’s new credit laws contain.

Source: The Australian