ABA calls for stronger action on elder abuse
The Australian Banking Association (ABA) has welcomed the Federal Government’s announcement that it would be creating a national register of power of attorney orders, but says that more needs to be done to combat elder abuse.
The registry would form part of wider reform to respond to elder abuse, which would also standardise power of attorney orders and introduce a designated body to which bank staff can report suspected abuse.
ABA chief executive, Anna Bligh, called for more action to be taken.
“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,” she said.
“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 Federal Government announced funding for the scheme in this year’s Federal Budget, following years of pressure from industry groups and calls from the Australian Law Reform Commission to create a registry.
Bligh said that the ABA would continue to push for State and the Federal Governments to resolve the above issues by the end of the year.
AUTHOR
Hannah Wootton
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
