8 June 2018
Today’s agreement by the nation’s top lawmakers to identify options to standardise Power of Attorney orders across the country is a significant step in tackling the issue of elder financial abuse however there remains more work to be done.
In March the banking industry renewed calls for action on the issue by the end of the year, with key changes needed to standardise Power of Attorney orders, create a national online register of the orders and a designated body which bank staff can report suspected abuse.
Australian Banking Association CEO Anna Bligh said the decision was a welcome step forward however there was still much work to be done to better equip local bank branch staff to detect and report elder financial abuse.
“Local bank branch staff are on the frontline when it comes to detecting and reporting elder financial abuse but currently their hands can be tied,” Ms Bligh said.
“Important policy changes can take time and today’s decision by the nation’s Attorneys General to identify the best options for standardising Power of Attorney orders is a significant step forward.
“A national online register of Power of Attorney orders must be established as soon as possible following a standardising of orders.
“The industry will continue to push for these changes to be finalised, particularly a designated body in each state to report elder financial abuse.”
“The industry will keep pressing the case to governments across the country to resolve these key issues by the end of the year,” she said.
ENDS
Contact: Rory Grant 0475 741 007
Latest news
Banks are warning shoppers to keep their guard up as they grab a bargain during the Black Friday sales period, after Australians reported losing more than $22 million to buying and selling scams across the past year. Common shopping scams to watch out for: ABA CEO Simon Birmingham said scammers would be out in force… Read more »
This op-ed was originally published in the Australian Financial Review More rates pain denotes an even greater focus on the fight against inflation. Rightly so. As the Reserve Bank pulls harder on the monetary policy lever to reduce aggregate demand, a proper focus also falls on the role of all governments to do likewise through… Read more »
Banks welcome Treasurer Jim Chalmers’ release today of draft regulations to lift the cap on covered bond issuance, a practical step that would help small and mid-tier banks access cheaper, more stable funding. ABA CEO Simon Birmingham said these changes, including streamlined reporting for smaller banks, are a welcome part of the Government’s broader productivity… Read more »