‘Big banks need to improve’: ASIC Chair calling for an ‘uplift in performance’

ASIC Chair Joe Longo has slammed the banking industry’s poor customer service, saying “the big banks need to improve”.

His remarks come after ASIC released its report into big bank practices which revealed lenders are making it difficult for customers to get assistance with their home loans.

“All the banks, all lenders are capable of some uplift in their performance here,” Mr Longo told Sky News Australia.

The report found one-third of people seeking hardship assistance dropped out of the process due to lengthy approval times, delays in response and complicated systems.

“These applications by their very nature are made by people, really vulnerable (people), the victims perhaps of family violence, they’ve lost their jobs, a victim to a serious illness – so these applications need to be very carefully handled,” he said.

The regulator is hinting at legal action against some of the nation’s biggest banks.

Видео ‘Big banks need to improve’: ASIC Chair calling for an ‘uplift in performance’ канала Sky News Australia