KEY POINTS
- This article follows a session on the hardship issues impacting vulnerable consumers at the 2023 ASIC Annual Forum in Melbourne.
- ASIC is seeing evidence that an increasing number of customers are experiencing financial distress and difficulty due to cost-of-living pressures.
- The way credit providers respond can have a substantial impact on the lives of their customers. In addition to increased scrutiny of lenders’ hardship practices, ASIC remains focused on protecting vulnerable consumers and small businesses from the harms arising from predatory lending practices, high-cost credit and other poor conduct.
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