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Showing 1 - 10 of 118 results for "Financial hardship"

ASIC sues home loan manager over 'unlawful' hardship application handling

MATTHEW WAI  |  WEDNESDAY, 21 MAY 2025
... May 2024, ASIC published Report 782 Hardship, hard to get help: Findings and actions to support customers in financial hardship about how lenders should support their customers experiencing financial hardship. Court added that many lenders have responded ...

Life insurers keep breaking their own rules: Report

ANDREW MCKEAN  |  TUESDAY, 1 APR 2025
... customers also increased 151% to 191. Life Code Compliance Committee chair Jan McClelland said that compliance with financial hardship obligations remains critical to ensuring vulnerable customers are supported during periods of financial difficulty. ...

Not one trustee tracked end-to-end claims handling times: ASIC

ANDREW MCKEAN  |  MONDAY, 31 MAR 2025
... who was grieving the loss of her husband. Constant noted the trustee failed to respond to her concerns about financial hardship and didn't support her when she struggled to understand and navigate the claims process. "The money from a death benefit can ...

AFCA opens consultation on financial elder abuse, family violence

KARREN VERGARA  |  WEDNESDAY, 19 MAR 2025
... fraudulently or coercively opened accounts, as well as adjust the language around 'financial difficulty' to 'financial hardship'. AFCA also discusses how it should deal with these issues in superannuation, investments, and advice complaints. In the nearly ...

ASFA acts to remove First Nations access issues

MATTHEW WAI  |  FRIDAY, 21 FEB 2025
The peak industry body published a draft Guidance Note on Severe Financial Hardship Withdrawals for member consultation, marking a significant "milestone" in making it easier for First Nations people to access their superannuation. The guidance note ...

Life insurers enhance domestic violence response

MATTHEW WAI  |  THURSDAY, 20 FEB 2025
... uncertainty and insecurity that make it difficult for people to leave abusive relationships out of fear of financial hardship or disadvantage," Griffin said. He agrees that life insurers should consider family and domestic violence in their related product ...

Macquarie fined $25m over 400 fake trades

MATTHEW WAI  |  WEDNESDAY, 27 NOV 2024
... from the financial services industry; he would have been subjected to a fine if his application for serious financial hardship had not been successful. Klein initially worked in the same division in Sydney from August 2017 and transitioned to the London ...

ASIC sues NAB for failing customers

ELIZA BAVIN  |  MONDAY, 18 NOV 2024
... first-hand the impact on lives and livelihoods when lenders fail to appropriately support customers experiencing financial hardship," Longo said. "We will not hesitate to take decisive action when banks and lenders fail to comply with their obligations." ...

Non-bank lender sued for dodging Credit Code

JAMIE WILLIAMSON  |  THURSDAY, 31 OCT 2024
... protections are critical in the current financial climate where borrowers are more likely to be at risk of serious financial hardship. ASIC will continue to take action where we consider business practices are designed to avoid consumer credit protections." ...

Tribel Advisory adopts estate planning solution

KARREN VERGARA  |  THURSDAY, 3 OCT 2024
... the full extent of the law. "Too many Australians pass away every year without a will, creating unintentional financial hardship, stress and, all-too-often, conflict among families and loved ones," Tribel national head of advice Simon Little said. "As ...
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