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It's a massive affair. Especially after finding the heartbreaking impact that irresponsible loans can have on problem gamblers during the first round of Royal Commission hearings – see the story attached to this entry.
According to the new policy of ANZ, credit card holders will not be able to use more than 85% of their available credit on the playgrounds.
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Shayne Elliott, Head of the ANZ Section, and the board that assist Rowena Orr in the debate on the subject.
Ms. Orr: "Where did you land on that, about the tension between allowing individual autonomy and the bank's social responsibility to its products?"
Mr. Elliott stated that the lender had set up an Ethics and Purchasing Committee. One of its members, Simon Longstaff, director of St James Ethics Cedntre, has contributed to the development of an "ethical decision-making framework" for the various issues dealt with by the bank.
Mr. Elliott: "So, in terms of the use of credit cards for games, we have changed a number of things: how do we treat people who have had problems and how do we think about them? difficulties and our approach in this regard, and probably more importantly, we have changed the terms and conditions of our product, which will make the process slower, which will make it more difficult for users to use these products irresponsibly. . "
Ms. Orr: "What kind of speed bumps do you think, Mr. Elliott?"
Mr. Elliott: "So, for example, to suggest – and it is difficult because we are talking here about individual rights – to suggest that Although you can use our products at a gaming site, we do not want people to use the maximum credit limits. We still want people to have the capacity and flexibility to cash out for normal expenses. So we will essentially put a sub-limit on a map.
"If I have a limit of $ 5,000 in general – I invent it here but, hypothetically, I can only use $ 4,000." Once I've reached $ 4,000, I do not could not use this product for more distant games, things like that. "
Ms. Orr: "So, is this something you are considering as a way forward?"
Mr. Elliott: "We are really doing it, yes." He added that ANZ was in the process of amending the terms and conditions of its products to reflect these changes.
Ms Orr: "And what will be the circumstances that will define when this sub-limit can be defined?"
Mr. Elliott: "So we're going to define the sub-limit, we're going to determine – and, again, we've had a series of complex conversations with [ANZ chief customer advocate Colin] Neave – not just Mr. Neave, but Dr. Longstaff and others ourselves on how we view ethics about it.
"[…] We use the simple analogy to think of this as if we were running a – a bar. It is the responsibility of not serving people – people can buy alcohol but not at some point if they are intoxicated. And we have tried to apply these principles here in order to provide some level of protection to the customers so that they do not harm themselves using our products, maybe even irresponsibly. "
These limits would be affects all customers using ANZ credit cardsSaid Elliott. "It would not be the customer's choice to set that limit, we looked at it, it's incredibly complicated from an operational point of view, and we thought we could deal with future problems, to be quite honest. , with respect to our ability to operate.This will apply to everyone.And will it be a percentage of the limit that … "
Ms Orr: "Percentage … sub-limit is?"
Mr. Elliott: "Yes."
Ms Orr: "What percentage do you propose to solve?"
Mr. Elliott: "85%".
Ms. Orr: "Okay." A customer will not be able to spend – spend may not be the right word – grant more than 85% of his credit on gambling sites? "
Mr. Elliott: "Once they reach 85%, you will not be able to use the final piece. on a game – in a play area. "
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