Australia's banks say they are making major changes to the way debt can be sold to debt collection agencies, after"very disturbing" reports of poor practices in the industry.
Under the new guidelines, banks will be required to proactively help customers find solutions before a debt is sold, such as restructuring, consolidation and hardship support. There will also be regular audits of all contracted debt collectors to ensure they meet the new guidelines.Northern Territory parliamentarian Jeff Collins, who is also a lawyer, has been vocal in his calls for change to the debt collection industry.
Everybody thought the Royal commission in the Banks would cause them to 'change their ways' , it just showed the financial institutions how poor the laws governing this industry were and still are . Nothing will get in the way of a banker and his money ...
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