Banks and lenders have made the process for accessing financial assistance so difficult that more than one in three people dropped out of the application process, Australian Securities and Investments Commission has found.

ASIC Commissioner Alan Kirkland told Millsy and Karl on 6PR Breakfast it’s distressing news, as the number of Australians facing financial hardship continues to climb.

“The law says if you are in trouble with repayments, you can reach out to your bank and ask for help to get back on your feet,” Mr Kirkland said.

“There were a range of hurdles thrown in people’s way; when you’re struggling financially; they need to support customers without forcing them to go into their struggles again and again

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