AUSTRALIA - Homeowners have been increasingly drawing on superannuation savings to get themselves out of a mortgage crisis, while non-bank lenders are disproportionately foreclosing on home loans, according to a new report.
David Tennant, director of Care Financial Counselling Service and The Consumer Law Centre, as well as an associate to the Centre for Commercial Law at ANU, said the findings showed there was a need for national leadership on credit regulation.
"It shows that non-bank lenders are responsible for almost half of the foreclosures - a dramatic disparity when they only have around 10% of the market share. These lenders are writing loans which are less safe and they're doing a bad job looking after people who fall into hardship," said Tennant.
The report revealed that borrowers struggling to meet repayments who turn to refinancing are facing foreclosure far more quickly than those who do not refinance.
"Foreclosure matters are impacting people in a very real way. To see families facing that kind of threat over Christmas is terrible," Tennant said.
David Weeks says there is a mismatch in superfunds that claim to be member friendly but then exclude member representation from their governance
Some of the UK's biggest pension schemes will be forced to report on climate risk in line with recommendations from the Taskforce for Climate-related Financial Disclosures (TCFD).
TPT Retirement Solutions has launched a pension scheme for the education sector which offers schools both defined contribution (DC) and defined benefit (DB) pension provision.
The People's Pension has revealed plans to overhaul its charging structure, cutting fees and returning profits to members with an aim to help people save more money for retirement.