Australian Lenders Failing to Assist Struggling Customers: ASIC

Despite being required by law to have processes to assist customer who are in debt, banks have made the process so complex that a third of people give up.

This combination of photos taken show the signs of the "Big Four" Australian banks in Sydney, Australia, on Nov. 30, 2017. Peter Parks/AFP via Getty Images

The application process for financial hardship assistance is too hard, and many people who receive it simply go back into arrears immediately afterwards, a study by the Australian Securities and Investments Commission (ASIC) has found.

It says lenders need to do much more to support customers who may be vulnerable to losing their homes.