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Westpac to assist customers with responsible lending

Westpac to assist customers with responsible lending

(24 September 2007 – Australia) Westpac has announced plans for more responsible lending, as part of the development of an initiative dubbed ‘Responsible Lending Principles’. The initiative is aimed at assisting customers who are in danger of falling into financial difficulty.

The new unit, Westpac Assist, will not only receive calls from customers, but also make outbound calls to customers showing signs of stress.

Mike Pratt, group executive, Consumer Financial Services, Westpac, said the initiative is about early prevention and providing customers with the information to regain control of their finances.

He added that the principles aimed to not only identify hardship, but also improve financial literacy, secure a stronger financial future and develop a more sustainable relationship.

Mr Pratt stated that the responsible lending principles would complement the Westpac position on sustainable practices across the bank.

The development of this initiative has come at a time when mortgage stress has been high and many customers have been given more than they can afford.
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