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FOS Approach to Financial Elder Abuse

Wednesday, November 29, 2017 - Posted by Michael McCulloch

Last month the Financial Ombudsman Service Australia ("FOS") released a new publication, "The FOS Approach to Financial Elder Abuse".

The publication is one of a series of documents released on a regular basis by FOS with this particular publication focusing on the challenges faced by identifying the warning signs of financial elder abuse, what is considered good industry practice and how they assess such disputes.

Philip Lead, Lead Ombudsman of Banking and Finance said, "As our society ages, FOS is seeing a greater number of disputes involving older Australians and their financial services providers. This abuse can involve the misuse of, or theft from, a bank account or other financial services product. Financial services employees need to be encouraged to trust their instincts when it comes to recognising this form of abuse."

Mr Field cited research indicating that between 2% and 10% of the older Australian population suffer such abuse every year with most abusers being relatives or caregivers or those who have gained the elderly persons trust and take an opportunistic approach.

You can download a copy of the publication from here.

Source: nestegg.com.au - October 2017
Source: FOS Publications - October 2017


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