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Metrics Monthly | September 2020 | AU Edition
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In this issue THE FUTURE OF FORBEARANCE
As the Covid-19 Mortgage Holiday draws to a close, what’s next for the mortgage industry?
In this issue Welcome Page 03
In the news Page 04
The future of forbearance Page 06
19,000 votes counted Page 08
Regulators must act now Page 10
Case study Page 12
The ADP Landscape Page 14
Auto Decision Platform Page 15
Auto Decision Platform
02 | Metrics Monthly
September 2020 | AU Edition
Decision Platform (ADP) saves on time, , driving more profits to your bottom line.
Welcome
Contacts
Welcome to another compelling issue of Metrics Monthly! With restrictions across Austral- ia putting a lot of things on hold, the finance industry world is still revolving, and this month’s newsletter looks at recent awards, Fintech inquiries and the collapse of rent-to-own retailer BrightHouse. Our ‘in the news’ section looks at the recent inquiry by the Australian Senate Committee into Fintech providers and its recommendations to drive compe - tition in the sector. We’re also show - casing the new Nesta challenge which offers A$4.9m to support solutions that can help people access financial assis - tance or access affordable credit during this difficult time. Our feature piece this month follows on from our May article about how mortgage lenders have been recog - nised extensively for the fantastic work they are doing to process millions of
payment holiday requests. As the 6 month Mortgage Holiday scheme in the UK draws to a close, we ask “what’s next for the mortgage industry? ” and look at the recent FCA guidance which aims to ensure firms provide tailored support to mortgage borrowers who continue to face financial difficulties. Amidst the negativity in the media this month, we have some good news to share, as the results of 19,000 consum- er votes are counted and LendingMet - rics is recognised for our outstanding work with our partners. Our featured thinkpiece this month is by CEO David Wylie, who says the col - lapse of BrightHouse and others, plus an ongoing tidal wave of compensation claims, should act as a wake-up call to the regulator on page 10. If you haven’t subscribed to Metrics Monthly yet, make sure you head to our website to sign up and receive monthly editions straight to your inbox.
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Metrics Monthly | 03 Our online Auto Decision Platform (ADP) saves on time, money and errors, driving more profits to your bottom line. ADP assesses your applicants in real-time, 24 hours a day, and delivers consistent and accurate lending decisions in milliseconds.
+61 (0) 8946 79555 | www.lendingmetrics.com/au
In the news
Australian Fintech inquiry calls for reform The Australian Senate Committee recently launched an inquiry into Fintech providers, and has suggest- ed 32 recommendations that aim to promote competition in the sector. The recommendations have particular focus on regulatory reforms, with key issues identified relating to taxation. The inquiry found evidence that the regulators are not properly organised to drive competition, particularly with the larger banks. The report states: ‘the number of regulators with a role in relation to competition and financial services in Australia mean that it is not straightforward to ensure that com - petition is operating effectively in this sector’. The report claims that this lack of com -
petition is a risk and requires regulators to become involved in order to collec - tively provide greater focus on promot - ing financial competition. Whilst the Australian Government took a positive step toward Open Banking through the Consumer >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16
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