Inquiry into the role of banks in relation to financial abuse

The Parliamentary Joint Committee on Corporations and Financial Services is conducting an inquiry into the financial services regulatory framework in relation to financial abuse.

The committee will examine the prevalence and impact of financial abuse, including the approaches taken by financial institutions to identify, record and report financial abuse, the impact of the shift of financial products to online platforms and any other contributory factors.

It will consider potential areas for reform, such as prevention, protection, and proactive systems, including:

  • existing financial product design;
  • emerging financial products;
  • employee training;
  • culturally appropriate responses; and
  • any other appropriate response, for example, mandatory reporting.

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David Jacobson

Author: David Jacobson
Principal, Bright Corporate Law
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.

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