Big banks lashed for delaying business loan switchers
James EyersSenior Reporter
Key Points
- Why it matters: Banks are taking too long to release business borrowers who switch lenders.
- Judo Bank says this cost it a $9 billion strategy target.
- Regulatory scrutiny on banks is mounting.
Judo says the big banks are still dragging their heels when customers want to switch business lenders amid growing regulatory scrutiny of potential anticompetitive conduct.
Chief executive Joseph Healy raised the issue of big banks delaying the discharging of small business loans more than two years ago, and said last week that bloated timelines had not improved.
Subscribe to gift this article
Gift 5 articles to anyone you choose each month when you subscribe.
Subscribe nowAlready a subscriber?
Introducing your Newsfeed
Follow the topics, people and companies that matter to you.
Find out moreRead More
Latest In Financial services
Fetching latest articles