Sarah Abood
The Financial Advice Association of Australia (FAAA) has provided feedback on the consultation paper about financial Enduring Powers of Attorney and the potential scope for elder abuse.
It says that enduring powers of attorney (EPOA) are one important estate planning mechanism but whilst delivering many benefits, can also provide a means for elder abuse, so it is important to balance accessibility with consumer protections.
The FAAA suggests a nationally consistent package is needed to achieve a balance between consumer protection and the accessibility of the EPOA system. This should cover:
- who should be permitted to witness or be an attorney under an EPOA
- the obligations and training required to act as an authorised witness or attorney
- how many witnesses there should be to establish an EPOA
- who is ineligible to witness an EPOA or be an attorney under an EPOA
- how parties, or their representatives, find and access support services and guidance to report suspicions of potential elder abuse, and
- how EPOAs can be verified in the absence of a National Register for EPOAs.