Warnings against "overreach" in elder financial abuse guidelines

While the FAAA said it “appreciates” AFCA stepping up to the plate and addressing financial abuse of older people, it holds reservations over the body setting standards for firms in its approach documents.

In its submission to AFCA’s consultation on approaches to family violence and financial elder abuse, the FAAA said that, given the “large number of stakeholders putting in place strategies to maximise efforts to address this issue”, members need clarity on how the AFCA approaches fit into the broader framework.

“Importantly, we suggest the intention of AFCA’s approach must be to protect and support potential victims of financial abuse, rather than serve as a compliance or liability mechanism for determining compensation,” the submission said.