Let's Clean Up Lending

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The banking royal commis-sion began its second round of public hearings last month and if the first sessions are anything to go by big changes are coming to banking and insurance. The first round focused on consumer lending practices, covering mortgages, car loans, credit cards, junk insurance and account errors.

The commission explored the experiences of consumer advocates and real people as well as industry. The first witness was Karen Cox, from the Financial Rights Legal Centre, which provides free assistance to people struggling with debt. Cox detailed how irresponsible lending and crippling debt were putting people at risk of bankruptcy, homelessness and suicide.