The nation’s bankers are urging states and territories to quickly address measures to avert financial abuse of vulnerable, senior Australians.
Federal, state and territory attorneys-general have gathered in Perth to talk about a wide range of procedures, including augmenting the nation’s safeguards against elder abuse.
One of the major recommendations is for a national register of enduring powers of attorney, so staff in organisations such as banks can check their legitimacy.
Enduring powers of attorney are legal authorisations that provide permission to an elderly person’s relative, friend, or carer to act on their behalf. This includes withdrawing or transferring money.
The Australian Law Reform Commission (ALRC) called for a national register to be established back in late 2016, and money was allocated in this year’s federal budget to set the scheme up.
The Australian Banking Association (ABA) remarked that such a register would significantly benefit staff in bank branches all over Australia.
“Banking staff are often right at the frontline of this terrible problem, it’s bank staff who see unusual withdrawals from accounts, that see older people being pressured in branches to sign documents and make withdrawals for somebody else,” said ABA chief executive Anna Bligh.
“Staff have told me stories about very large withdrawals going out of an old person’s account being used for gambling and overseas holidays when they know that person is in fact in a nursing home, confined to home and not using those funds for themselves.”
Bligh stated inheritance impatience was a prime example of the abuse — when adult children dip their hands into their parents’ money unlawfully.
Wendy Lacey from the University of South Australia School of Law is one of the nation’s foremost experts in the subject of elder abuse, and relayed that financial exploitation was the usual way elderly Australians were being abused.
“[It’s] most frequently perpetrated by the children or carers of victims,” Lacey was quoted as saying.
“One of the most common instruments for committing financial abuse is the misuse or abuse of powers of attorney.
“A national register is definitely needed; it would ensure that multiple powers of attorney are identified and addressed and will ensure that interstate issues are confronted.”
Attorney-General Christian Porter said he was sure there would be an in-principle pact with states and territories on amending powers of attorney — especially when it comes to the issue of a register.
“A single register so that anyone, whether they be financial institutions, who is dealing with an enduring power of attorney has a simple way of working out whether or not the enduring power of attorney is actually real, or represents the real document,” he said.
A number of states and territories have declared that they were endeavouring to develop measures to shield elderly Australians.
“Victoria supports the development of the national plan on elder abuse and welcomes Federal Government funding to combatting elder abuse,” a spokesperson for the Victorian Government said.
“We also support further work being done on the establishment of a national register, and we will continue to work with the Federal Government and other states and territories to develop the concept.”