1 November 2016
This industry guideline:
• Explains that financial abuse is often a form of family and domestic violence.
• Outlines how financial abuse can impact a bank’s relationship with their customer.
• Outlines a framework for banks to raise awareness and promote consistent arrangements to support their customers who may be impacted by financial abuse and family and domestic violence.
• Encourages best practice across the banking industry.
“…banks can go back to their normal processes and that is working out what’s right for every single customer, on an individual tailored basis with a proper assessment. That is the best thing for the customer.”
Access to credit opens up opportunities and fulfills aspirations. Getting it right requires the right balance between consumer protections and the flow of credit.
Interviewed by AM’s Peter Ryan, ABA CEO Anna Bligh talked about the substantial drop in loan deferrals since their peak during the pandemic, falling from 900,000 to 300,000.