Supporting customers in financial difficulty
The Commerce Commission and the Financial Markets Authority have collaborated on a joint message that outlines ways that financial service providers (including consumer lenders) can support customers who are experiencing financial difficulty. It outlines ways providers can be proactive about dealing with customers in financial difficulty, including complying with their regulatory obligations, assigning sufficient resources, and always providing customers with fair treatment.
The potential impacts of Kiwis getting into financial difficulty are not just monetary; it can affect the wellbeing of the individual, their household and the wider community. Addressing the needs of customers experiencing financial difficulty is fundamental to fostering good customer outcomes and confidence in the financial sector as a whole. This joint message outlines ways financial service providers (including consumer lenders) can be proactive about dealing with customers in financial difficulty, including through:
• complying with their regulatory obligations in relation to financial difficulties;
• being ready to assign sufficient resources to supporting customers experiencing financial difficulty; and
• always providing customers with fair customer treatment.
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