fbpx
Skip to main content
New Financial Assistance Hub

Step in the right direction, but more to be done

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

1 / 3
Transcript
Press conference: Scam-Safe Accord launch 
24 November 2023

Australian Banking Association CEO Anna Bligh:   Today Australia’s banking system is coming together to launch the most comprehensive set of new anti-scam reforms.   With a level of unprecedented cooperation, banks, commercial banks, building societies, credit unions, and mutual banks have joined together to commit to a set of anti-scam reforms to keep Australians and their… Read more »

Read more
Media Releases
Banks unite to declare war on scammers  
24 November 2023

Australian banks have joined forces to launch a new Scam-Safe Accord to deliver a higher standard of protection for customers and put scammers out of business in Australia.   This Accord, between Australia’s community owned banks, building societies, credit unions and commercial banks is a comprehensive set of anti-scam measures across the entire industry.  “This Scam-Safe… Read more »

Read more
Media Releases
Banks step up to fund financial counselling services  
21 November 2023

Banks will contribute $19 million over three years to the Government’s voluntary financial counselling model announced today by Minister for Social Services, Amanda Rishworth.   “Banks large and small are proud to be funding the lions share of this initiative.” said ABA CEO Anna Bligh.   This funding will help increase the availability of free, independent counselling… Read more »

Read more