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.
The Pensions Regulator (TPR) and Financial Conduct Authority (FCA) have launched a refreshed ScamSmart campaign to warn savers about unsolicited pension communications.
Ann Harris OBE and Mike Dailly have been appointed non-executive directors at the upcoming single financial guidance body (SFGB).
Pension schemes are "placing too much focus" on a narrow section of the private debt market where competition is driving down "compelling opportunities", according to Willis Towers Watson.
Barnett Waddingham's head of business development Adrian Cooper has left the consultancy to join TPT Retirement Solutions in a newly-created role.