Skip to main content
Financial Assistance Hub

Power of attorney order changes will protect against elder financial abuse

9 May 2018

The announcement in this year’s budget of a move to standardise power of attorney orders and create a national online register will help empower bank staff as they play their part in tackling the growing problem of financial abuse against the elderly across the country.

In February this year the Australian Banking Association renewed calls for three key reforms to be underway by Christmas to tackle elder financial abuse, one of which was a national register of power of attorney orders and another a standardisation across the country.

CEO of the Australian Banking Association Anna Bligh said that the announcement was a strong and decisive move in the right direction and would help give bank staff the tools needed to tackle financial abuse against elderly Australians.

“Bank staff are seeing firsthand the effects of elder abuse at the bank branch, call centres and online through internet banking,” Ms Bligh said.

“Banks and their staff have a role to play in tackling elder financial abuse however they need key changes to the law to empower them to do this.

“The proposal by the Federal Government in last night’s budget of a move to standardise power of attorney orders and to make them easily accessible online is a major step in the right direction.

“It’s now up to the states and territories to work quickly and constructively to see these proposals become a reality and all parties should not let this process get bogged down in unnecessary red tape.

“With these key changes underway, there still remains one decision change needed by Christmas being legal changes to help bank employees safety report suspected financial abuse to a designated body.

“With the two of the three key initiatives called for by Australia’s banks in February already underway, it’s encouraging to see the issue of financial abuse against our elderly citizens grow in importance – as it rightly should,” she said.

ENDS
Contact: Rory Grant 0475 741 007

Latest news

1 / 3
Media Releases
SIMON BIRMINGHAM APPOINTED AS ABA CEO
20 June 2025

Former Federal Finance Minister and Senate Leader, The Hon. Simon Birmingham, will join the Australian Banking Association as Chief Executive Officer. ABA Chair and National Australia Bank CEO Andrew Irvine today announced Mr Birmingham’s appointment, replacing retiring CEO, The Hon. Anna Bligh AC. “We are delighted to have Simon lead our industry and help ensure… Read more »

Read more
Transcript
Anna Bligh interview on ABC Radio Darwin
18 June 2025

Rick Hind: Anna Bligh is the CEO of the Australian Banking Association. Welcome back to 105.7 ABC Radio Darwin. Anna Bligh: Good morning, great to be with you. Rick Hind: Is it getting easier to scam people out of money from their bank accounts? Given how good technology is, the scammers seem to have as… Read more »

Read more
Media Releases
EOFY is prime time for scammers
16 June 2025

With end of financial year nearly here, the ABA is reminding customers to be on high alert for scammers looking to steal your hard-earned money. Common EOFY scams to be on the lookout for: ABA CEO Anna Bligh said with the end of financial year approaching, scammers are lining up and looking to cash in…. Read more »

Read more