The ABA (Australian Banking Association) is calling on
governments across Australia to establish new laws to protect people from Elder
Financial Abuse, as new research shows that 87% of Australians believe that
they can do more at a government level to eradicate this form of abuse.
The ABA launched a campaign to Stop Elder Financial Abuse
with the support of Bauer Media to fight against elder financial abuse with a
new campaign reporting that 57% of Australians are concerned that someone they
know will be the victim of Elder Financial Abuse.
The Stop Elder Financial Abuse campaign, which is backed by
a petition, calls on governments across the country to take a stand that would
protect people and provide support from this kind of abuse as well as establish
a National Power of Attorney (POA) register to confirm if POA documents are
legitimate and current and assign a safe place to report elder financial abuse.
According to the ABA, 1 in 10 older Australians experience
elder abuse in any given year.
The ABA is now inviting on groups, major organizations, and
individuals to take part in addressing this major issue.
There are stories from bank staffs that there have been
situations wherein they sometimes attempt to prevent when they see money being
drained out from the accounts of the pensioners. They think that something is
happening behind those transactions as the money is being used for items that
are not in line with the elder’s needs and wants. Their pensions are being used
for holiday getaways or expensive jewelry. However, the victim is unwilling or
does not take any action to report what is really happening.
Russell Westacott, the CEO of Seniors Rights Service, has
expressed his support on the new campaign. He stated that at least 2 to 3
elders every day are a victim of this abuse. Most of them take the blame that
they let it happen and are often used by their son, daughter, or grandchild.
The Launching Of Financial
Abuse Training For Brokers
The Stop Elder Financial Abuse campaign relies on the work
that the ABA has been using to lessen Elder Financial Abuse. This follows the ABA’s update of their
Banking Code of Practice to introduce a higher standard of customer care when
dealing with individuals and small-business customers.
The Broker and Banking industries have agreed on a standard
procedure to identify the signs of financial abuse in a co-borrower arrangement.
Started on the 1st day of July, those in the mortgage market are obliged to
take extra care with clients who may be vulnerable. It includes age-related
impairment, cognitive impairment, elder abuse, family or domestic violence,
financial abuse, mental illness, serious illness, and any other personal or
financial situation causing significant disadvantage.
While disability, dependence on others, and dementia can
represent vulnerability for older people, it is the combination of other
factors, such as poor-quality relationships or low social support, that can
increase the risk of Elder Financial Abuse.