The Australian Banking Association (ABA) has welcomed the Federal Government’s announcement that it would be creating a national register of power of attorney orders but says that more needs to be done to combat elder abuse.
The registry would form part of wider reform to respond to elder abuse, which would also standardise power of attorney orders and introduce a designated body to which bank staff can report suspected abuse.
ABA chief executive, Anna Bligh, called for more action to be taken.
“Important policy changes can take time and today’s decision by the nation’s Attorneys General to identify the best options for standardising Power of Attorney orders is a significant step forward,” she said.
“A national online register of Power of Attorney orders must be established as soon as possible following a standardising of orders.
“The industry will continue to push for these changes to be finalised, particularly a designated body in each state to report elder financial abuse.”
The Federal Government announced funding for the scheme in this year’s Federal Budget, following years of pressure from industry groups and calls from the Australian Law Reform Commission to create a registry.
Bligh said the ABA would continue to push for State and the Federal Governments to resolve the above issues by the end of the year.
