The FAAA has made a submission to the Attorney General’s Department on the National Plan to End the Abuse and Mistreatment of Older People.
It says the financial services industry lacks clear and consistent protocols and guidelines on handling suspected abuse cases, including how to approach the client, who to report the abuse to, and what legal protections are available for both the client and the financial adviser.
In its submission, the FAAA encourages the Department to consider:
- The development of consistent protocols and guidelines on handling suspected abuse of older people.
- The establishment of standardised reporting mechanisms for professionals and the financial services industry.
- An advisory service to help professionals and the financial services industry dealing with suspected financial abuse of clients.
- A review of the Privacy Act and Whistleblower protections to ensure these regimes support individuals reporting or assisting Australians suffering from suspected financial abuse.