ASIC slams major banks for not doing enough to help borrowers in mortgage hardship

Corporate watchdog ASIC has told major banks they need to do more to help borrowers in mortgage distress or risk facing legal action. The ASIC investigation found banks and non-bank lenders aren't doing enough to ease the pain and that many borrowers who had their repayments deferred fell back into arrears as soon as the hardship assistance ended. Reporter: Peter Ryan, Senior Business Correspondent Featured: Kevin Naidoo, Commonwealth Bank customer; Joe Longo, ASIC chairman; Dr Domenique Meyrick, co-CEO, Financial Counselling Australia