Trade body develops guidelines to prevent and respond to financial elder abuse
The Australian Banking Association (ABA) has expressed support for the federal government’s forthcoming campaign to educate the public about elder abuse.
The campaign, titled “Ending the abuse of older people begins with a conversation,” aims to encourage discussions within communities and raise awareness about the available help and support.
This includes informal support through friends, family, and the broader community, as well as formal support through the Australian government-funded 1800ELDERHelp phone line and compass.info website.
Starting July 28, the national elder abuse awareness campaign will run across Australian television, online channels, and in health clinics until early November. It is based on extensive research and feedback from diverse older voices in the community.
With an investment of $4.8 million, the campaign addresses a key priority of the National Plan to Respond to the Abuse of Older Australians (Elder Abuse) 2019-2023 by increasing community awareness and access to information.
The National Elder Abuse Prevalence Study, published in December 2021, found that one in six older Australians had experienced abuse in the previous 12 months. The study also revealed that 61% of those who experienced abuse did not seek help or advice, highlighting the issue's hidden nature.
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Anna Bligh (pictured above), chief executive of the Australian Banking Association, emphasised the importance of raising awareness about financial elder abuse.
“Australian banks are deeply conscious of financial elder abuse,” she said. “They see it playing out every day and have measures in place to help prevent it and keep older Australians safe.
“The ABA has developed guidelines for the industry to prevent and respond to financial elder abuse. Banks also train their staff to recognise red flags and have specialist teams to support victims.
“The key to preventing elder financial abuse is awareness – equipping people with the knowledge of what it might look like, how it can occur, and empowering them to take action if they see it happening or are victims themselves.”
Bligh also called for better harmonisation of powers of attorney arrangements across jurisdictions.
“Enduring powers of attorney (EPOA) should be an instrument of protection, but the complexity created by the lack of harmonisation of laws between jurisdictions remains a significant barrier to real progress,” she said. “This lack of harmonisation causes confusion for older people and their attorneys and creates unnecessary complexity for banks and other entities required to act on EPOAs.
“Harmonisation of EPOA arrangements, establishing a national online register of enduring documents, and creating an authority to report and act on suspected abuse were all recommended by the Australian Law Reform Commission in 2017 and need to be urgently progressed to better protect older Australians.”
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