An updated summary and comparison of regulations and constraints for arrears management, in financial institutions in Australia and the UK.
Some very similar themes, albeit with some differences in areas of specific thresholds for calls.
Introduction
In Australia, a framework of laws, regulatory guidelines, and industry codes governs debt collection and arrears management in banking. These rules aim to ensure fair treatment of customers, protect privacy, and set standards for communications and data handling.
This paper summarizes key Australian legislation and guidance for consumer debt collections, and then compares it with the regulatory environment in the United Kingdom. The focus is on consumer banking operations and collections, highlighting obligations for fair conduct, customer protection, and compliance in both jurisdictions.
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Regulatory Framework in Australia
Australia’s approach to customers in arrears is defined by robust consumer protection l...
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