The Australian Bankers’ Association (ABA) has recently announced a number of banking industry guidelines and fact sheets to help prevent financial abuse of vulnerable customers, including elderly people.
Financial abuse is notoriously under-reported. It can take many forms. It may be that a friend uses your money without your permission, or a family member pressures you to into giving them money when they don’t intend to repay you.
If you want to plan for someone else to manage your financial affairs either now or at a later time, you may consider creating a power of attorney. This is a legal document that gives someone else the authority to make financial and/or legal decisions on your behalf.
The ABA guidelines aim to help bank staff identify and respond to financial abuse, as well as guide them on powers of attorney and similar arrangements.
If you have concerns that you are being financially abused, please contact our telephone advice line on (08) 9221 7066 for free, confidential legal advice.
For more information about financial abuse, please see ABA’s media release: