Skip to main content
Get step-by-step help: Financial Assistance Hub

ABA welcomes ASIC’s ‘no action position’ to protect victims of family violence

11 July 2022

The Australian Banking Association (ABA) has welcomed a decision by the Australian Securities and Investment Commission (ASIC) to provide a ‘no action position’ to enable banks to withhold credit reporting information where reporting that information could lead to customer harm.

The no action relief from the corporate regulator, which came into effect on Friday 8th July is an important part of the financial sector’s work to reduce financial abuse and support victim-survivors of family violence.

A common-sense decision

ABA Chief Executive Anna Bligh said the decision for ASIC to not take regulatory action if a credit provider does not meet what were, up until now, required credit reporting rules, was a common-sense decision and achieved through close consultation.

“Australian banks are aware of the potential effect of credit reporting on a customer’s ability to re-establish financial independence,” Anna Bligh said today.

“As part of their work, banks understand that sharing credit reporting information with a perpetrator can potentially put the victim-survivor at risk.

“This obligation will now not be required if a person is the victim of family violence, and this violence was perpetrated by other joint debtors on a loan where hardship supports for the victim may be in place.

“ABA welcomes ASIC’s decision to reduce these risks and make the credit reporting regime fairer and safer for customers at risk of family violence or financial abuse.

“This outcome will go a long way to alleviating unnecessary distress for impacted customers.”

ABA CEO Anna Bligh

This temporary measure will remain effective as the ABA and member banks continue to work with the regulator, family violence prevention experts and consumer representatives to progress further and wider potential reforms across this policy area over the longer term.

Financial abuse prevention

Latest news

1 / 3
Media Releases
Banks support stronger customer protections in the Banking Code
6 December 2022

“Since the Banking Code was first introduced in 1993, the process to independently review the Code has continued to deliver improvements.”

Read more
Media Releases
ABA welcomes APRA’s Climate Information Paper
30 November 2022

The CVA released today will inform future industry efforts in using scenario analysis as a tool for understanding climate change related financial risks.

Read more
Transcript: Anna Bligh on ABC NewsRadio – maternity leave lending
28 November 2022

“A number of our banks actually have maternity leave lending products that are specific to people on parental leave, paid and unpaid, to help them through, what as I said, can be a difficult time.”

Read more