FCA MEDIA RELEASE - Bank Announcement of Further Assistance for Customers a Timely Relief
Written on the 8 July 2020 by SAFCA
Today's announcement by the banking industry of further assistance to help customers experiencing financial hardship will provide some important relief to those who continue to be impacted by COVID-19.
CHOICE, Financial Rights Legal Centre, Consumer Action Law Centre and Financial Counselling Australia are at the forefront of helping people impacted by COVID-19, particularly people doing it tough.
Knowing that there will be further assistance from banks will be a weight off people's minds.
Consumer groups' key advice to anyone experiencing financial difficulty is:
To offer genuinely effective help to customers, banks will need to resource their assistance teams and proactively identify people that need help, starting with those at most risk of financial hardship.
Banks have great insight into customers who are most affected by this crisis. It is vital that banks use their data to identify people who are likely to be in financial hardship, contact them, and help them understand the options available to them.
The consumer groups are calling on banks to recognise that: