Calls for More Action to Protect Older Australians from Financial Abuse

Australia’s Attorneys-General have been urged to take action now to prevent more older Australians falling victim to financial abuse. 

The call comes from senior advocacy body COTA Australia, along with the Australian Banking Association and National Seniors. They would like the Attorneys-General to protect the older generation from ‘inheritance impatience’ by introducing:

• Standardised Power of Attorney orders across all states.
• A National Online Register for Enduring Powers of Attorney, to help banks verify a Power of Attorney is current.
• A dedicated organisation in each jurisdiction where bank staff can be supported to come forward and safely report suspected financial abuse for investigation.

“Older Australians are among those most susceptible to financial abuse, and more often than not, incidences of abuse go unnoticed,” explained Chief Executive of COTA Australia, Ian Yates. “The situation as it stands is completely unacceptable and we need to do much more to actively prevent financial abuse of older Australians from occurring.”

“The difficulty with financial abuse is that it is often hard to detect as those involved are often close family and friends,” he said. “We are witnessing a growing incidence of cases where adult children develop ‘inheritance impatience’ and try and access inheritance money prematurely. We need the nation’s Attorneys-General to take the lead in getting all States and Territories on board with a decisive plan and approach to preventing and addressing financial abuse amongst older Australians.”

“COTA Australia welcomed the Federal Government announcement in February this year to progress a national plan for elder abuse and subsequent action in the Budget to standardize Power of Attorney orders,” he added. “The Federal Government took a major step in the right direction by allocating $22 million in funding over five years to implement a range of elder abuse measures as part of the More Choices for A Longer Life Package.”

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Szabo & Associates, Solicitors can offer expert advice on a wide range of legal matters, including contesting, making or updating a Will and preparing an Enduring Power of Attorney and Appointments of Enduring Guardians. Please call George Szabo on (02) 9281-5088 or fill in our online contact form.