The Royal Commission identified that vulnerable Australians had been taken advantage of by a number of financial institutions. As a result the Australian Banking Association (ABA) is developing a new guideline for the sector on the definition of a ‘vulnerable customer’. Now a vulnerable customer can mean many things–it’s not just a person on a low income who is struggling to pay their bills and survive even though that is probably the stereotype for many of us.
A vulnerable customer could be a farmer trying to cope with drought, a small business struggling with cash flow, a worker who is the victim of wage theft, an indigenous family living in a remote community, a woman and children living in a violent domestic situation, the elderly, or a customer with a mental illness.
The FSU has been invited by the ABA to be a part of the consultation process and we are keen to hear what our members’ views are. We encourage you to take the time to fill out the survey that we have developed to inform us of your views on this important issue.
Finance Sector Union
Ph: 1300 366 378