The Financial Services Council (FSC) commends the Australian Law Reform Commission (ALRC) on the scope and direction of its proposed reforms on Elder Abuse.
Released on Monday 12 December, the paper outlines a host of reforms aimed at addressing concerns regarding elder abuse in Australia.
Alongside the development of a National Plan to address elder abuse, the proposed reforms also convey possible avenues to empower financial services providers to act on cases of suspected elder financial abuse. Critically, the paper also acknowledges the need for extensive review and consideration of how Enduring Powers of Attorney are registered and used across States and Territories to address this growing concern.
FSC CEO Sally Loane said: “The FSC acknowledges that financial services providers have a large part to play in in identifying and helping prevent the growing issue of elder financial abuse. As we face the challenges of an ageing population, this responsibility is one we take most seriously. We congratulate the Australian Law Reform Commission on delivering this ambitious set of proposed reforms that address many of the issues of concern to our members and the well-being of their clients.
“We will continue to contribute to the work of the ALRC to ensure that the appropriate legal and institutional frameworks come into place to ensure financial services providers are able to act on and safeguard against incidence of elder financial abuse.”
The FSC also acknowledges the critical work done by groups such as the Australian Guardianship and Administrative Council, as well as the Australian Bankers Association in developing the first set of banking industry guidance on elder financial abuse.
The FSC will make a submission in response to the paper in February.