29 November 2019
Today’s decision by the Council of Attorneys General in Adelaide to set baseline minimum standards for Powers of Attorney and create a mandatory national online register is a big leap forward to combating elder financial abuse.
The coalition to fight elder financial abuse, backed by Bauer Media, includes the Australian Banking Association, the Seniors Rights Service, Elder Abuse Action Australia, the Older Persons Advocacy Network, National Seniors and the Council on the Ageing has campaigned for three key changes which can tackle the growing issue of elder financial abuse.
The coalition has specifically called on governments across Australia to act and establish:
- Power of Attorney laws which are the same across the country and protect people from this kind of abuse.
- A National Power of Attorney (POA) register to check if POA documents are legitimate and current.
- Somewhere to report abuse in each state that can investigate and act.
CEO of the Australian Banking Association Anna Bligh said today’s decision represented a major win for the coalition of banks, Bauer media and seniors advocacy groups and would be a reform that protects older Australians at risk of this insidious abuse.
“Today’s decisions by the nations attorneys general to establish a mandatory national online register of Power of Attorneys will empower bank branch staff who are often at the front line of detection of elder financial abuse,” Ms Bligh said.
“The leadership of the Federal Attorney General Christian Porter in taking this initiative to today’s Council of Attorneys General meeting was a critical turning point in this campaign.
“A mandatory national online register will help bank staff check to ensure a Power of Attorney is valid and up to date when a customer comes into a branch to complete transactions on someone else’s behalf.
“The campaign still has a long way to go, we need to see this register established as quickly as possible, completely standardised Power of Attorney laws across the country and a safe place to report abuse to help tackle elder financial abuse,” she said.
Brendon Hill, CEO of Bauer Media said: “We welcome the decision made by governments to begin urgently needed reform around elder financial abuse and move to stamp it out. It’s a growing problem faced by many elderly Australians and coordinated action is needed to address it. This is the start of that.”
Age Discrimination Commissioner Dr Kay Patterson said “I welcome the progress the Attorney’s General have made towards developing one Power of Attorney document – I reiterate my call for the implementation of this initiative before end of July 2021.”
“Commitment to a mandatory register for Power of Attorney documents will be one more measure to reduce the likelihood of financial abuse of older Australians.
“I look forward to ensuring that the advance made at today’s meeting of the Attorneys General remains a key priority with defined outcomes,” she said.
ENDS
Contact: Rory Grant 0475 741 007
Latest news
The Australian Banking Association (ABA) has released an updated industry guideline setting out best practice for banks when assisting customers experiencing financial difficulty. The updated guideline reflects the industry’s ongoing commitment to support customers when they need it most. ABA CEO Anna Bligh said this guideline builds on the existing obligations as well as the… Read more »
ABA CEO Anna Bligh: Well, here we are on the front line of the fight against scams. This is one of Australia’s largest banks, and the team of people here talking with customers, trying to protect customers and fight against scammers. Today, here we are launching a new piece of technology called Confirmation of Payee…. Read more »
Australian banks have today unveiled their latest scam fighting technology, with the launch of Confirmation of Payee – a new name-matching service designed to help protect customers from being tricked into sending money to criminals. Banks have invested $100 million in this new technology which is a key initiative of the sector’s Scam-Safe Accord –… Read more »