Sarah Abood
The Financial Advice Association Australia (FAAA) welcomes the Australian Government’s response to the 2024 Parliamentary Joint Committee inquiry into financial abuse and its commitment to working with the financial services sector to better protect Australians.
“Financial abuse is a complex issue that requires a coordinated national response. The FAAA looks forward to working with the Government and other stakeholders to develop additional practical solutions that will help detect abuse and better support victims and people at risk,” said FAAA CEO, Sarah Abood.
“Financial advisers are deeply concerned about this issue, which they see first-hand. Advisers have helped clients by identifying the signs of potential financial abuse and supported them through the trauma and recovery.”
The FAAA welcomes the Government’s recognition that professional bodies can help ensure that ethical obligations, professional standards and disciplinary frameworks meet community expectations in this area.
“We would like to acknowledge the support of key ministers from across Government portfolios who contributed to the financial abuse announcement, and all parliamentarians involved in the PJC inquiry on this important issue,” Abood says.
“We will continue to work with key stakeholders to progress work in this area, including under the Australian Human Rights Commission’s leadership of the Financial Abuse of Older People Action Collaborative (Action Collaborative), and through the Advisory network for business related financial abuse.
“The FAAA has worked with academics and financial abuse specialists to build members’ capability through approved university financial planning degrees and continuing professional development. We remain very supportive of this work and call on the Government to fund what is likely to be costly further education and training to strengthen professionals’ ability to identify and respond to financial abuse.”