fbpx
Skip to main content
Get step-by-step help: 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
Media Releases
Australian banks join new Fraud Reporting Exchange digital platform to help halt payments to scammers 
16 May 2023

Australian banks today launched a new digital platform that will facilitate the quick reporting of fraudulent payments en route or transferred to another bank.

Read more
Transcript
Anna Bligh interview with ABC Breakfast TV on Fraud Reporting Exchange announcement
16 May 2023

“Speed is the essence when it comes to getting your money back from a scammer. Even if you’re not sure, even if you just suspect something’s not right, ring your bank as fast as you possibly can.”

Read more
Media Releases
Almost 40% leave wallets at home as mobile phone and smartwatch payments soar  
12 May 2023

The nation’s shift to digital banking is gathering pace, with the number of people leaving home without their wallet or cards, relying on their phone or another device instead, doubling in three years. The rapid changes are captured in a new ABA interactive Spend the Day site.

Read more