This is prompting fresh scrutiny on how the sector is protecting older customers as cases of abuse continue to rise nationwide.
A joint review by the Banking Code Compliance Committee and the Customer Owned Banking Code Compliance Committee found wide inconsistencies in how banks explain financial elder abuse risks and the operation of financial powers of attorney.
The review assessed 34 banks and 54 customer-owned banks covered under their respective industry codes of practice and examined whether institutions were providing meaningful public guidance and practical referral pathways for vulnerable older customers.