Strengthening protections against financial elder abuse
Banking Code Compliance Committee
The Banking Code Compliance Committee and Customer Owned Banking Code Compliance Committee have highlighted the important role banks play in protecting older Australians from financial elder abuse.
In a report published today, the two Committees outline the findings of a review of the information banks have available about financial elder abuse and financial powers of attorney.
Chair of the Banking Code Compliance Committee, Ian Govey AM, said financial elder abuse is a serious and often hidden issue that can undermine the rights and well-being of older Australians.
“Financial elder abuse frequently occurs out of sight, and many cases go unreported because people may feel ashamed, fearful, or may not even realise it is happening,” Mr Govey said.
“Clear, accessible information on the issue matters. It can help customers, carers, and the wider community understand risks, recognise concerns, and know where to seek help.”
The report notes that only 23 of 88 banks have quality information online and a dedicated webpage on financial elder abuse.
While it notes the gaps in information, the report also presents examples of good practice where some banks go beyond minimum compliance to provide more proactive and compassionate support for older customers at risk of abuse.
“Our review identified encouraging examples of banks taking steps to strengthen protections for vulnerable customers,” Mr Govey said.
“But there is still more work to do to ensure all banks provide clear, practical support that is easy to find and genuinely helpful.”
Chair of the Customer Owned Banking Code Compliance Committee, Danielle Press, emphasised the importance of strong protections operating alongside public-facing information.
“Providing clear information on a website is only one part of an effective response to financial elder abuse,” Ms Press said.
“Information and guidance can help raise awareness, but it must be supported by robust internal systems, staff training, and procedures that enable banks to actively identify, prevent and respond to abuse in practice.”
The Committees encouraged all banks to reflect on their current practices and consider ways to strengthen the protection and support they offer to older customers experiencing vulnerability.
“Financial elder abuse is complex, and older Australians deserve meaningful protections that uphold their dignity and rights,” Ms Press said.
Read the report: Protecting older customers from financial abuse – Strengthening prevention and support
About us:
The purpose of the BCCC is to monitor and drive best practice Code compliance.
To do this, it:
- examines banks’ practices
- identifies current and emerging industry-wide problems
- recommends improvements to bank practices
- sanctions banks for serious compliance failures, and
- consults and keeps stakeholders and the public informed.
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