The Banking Code Compliance Committee, together with the Customer Owned Banking Code Compliance Committee, has published a report Protecting older customers from financial abuse reviewing the information banks provide online about financial elder abuse and financial powers of attorney to help protect customers.
“Financial elder abuse” is defined by the Australian Human Rights Commission as the misuse or theft of an older person’s money, assets, or property.
The Report’s recommendations include:
- Provide clear, accessible, and visible explanations of what financial elder abuse is, how it occurs, the
warning signs, and the steps that customers, carers, and families can take to seek assistance from
the Code subscriber and specialist service providers. - Clarify use and responsibilities of POAs. Explanation of the different types of POAs available, how the arrangements differ from other legal authorities, and why a customer might appoint one. Publish plain-language guidance on how POAs work, the responsibilities of donors and attorneys, safeguards to use, and steps to take if misuse is suspected.
- Public-facing information should meet accessibility standards and integrate interpreter and
relay service details into relevant webpages. Code subscribers should also publish content in Easy
English and commonly spoken languages. - Provide clear referral pathways to external support. Referrals should be easy to locate and presented in ways that enable customers to act to connect quickly with trusted community and legal assistance.
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Author: David Jacobson
Principal, Bright Corporate Law
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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.
