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While responsible lending has been the primary focus of regulatory and media scrutiny this year, the industry has been increasingly calling for improved financial education to encourage responsible borrowing and spending. Tas Bindi explores further.
Breaches of responsible lending laws have been at the centre of scrutiny in recent years, with ASIC, APRA and the financial services royal commission questioning the banks for their reliance on benchmarks to assess borrowers’ capacity to repay loans even when they have more granular information available.
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