Financial hardship

In effect from 1 July 2025

The TIO expects providers to be fair and flexible when responding to people experiencing financial hardship.

Financial hardship can be temporary or ongoing and it can happen to anyone. People that are struggling financially need tailored support to prevent further harm.

Good industry practice encourages providers to be proactive by identifying who needs help and when. Providers should also be responsive to each person’s circumstances to prevent additional debt and further harm.

The TIO’s Good Industry Practice Guide on Financial Hardship covers:

• Responding appropriately to complaints
• Assessing consumers’ capacity to pay
• Limiting further debt
• Billing and payment options
• Payment arrangements
• Credit management
• Default listing.