22 February 2021
Preventing and responding to financial abuse (including elder financial abuse)
This industry guideline:
- Explains what financial abuse can look like and how it can impact customers and a bank’s relationship with their customers; and
- Outlines a framework for banks to raise awareness and promote consistent arrangements to deal with suspected cases of financial abuse
This guideline reflects good industry practice, and the ABA encourages members to use the principles in this guideline to put in place internal processes, procedures, and policies.
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The Australian Banking Association welcomes the launch today of the Regulatory Initiatives Grid (RIG) pilot as an important step forward in improving transparency of the regulatory pipeline across key Government agencies and regulators. ABA CEO Anna Bligh said better coordination of regulation would provide additional certainty for Australian banks. “Banks recognise that effective regulation is… Read more »
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The Australian Banking Association acknowledges the release today of the inquiry report into the Financial Services Regulatory Framework in Relation to Financial Abuse. CEO Anna Bligh said the ABA and its member banks acknowledge the important work of the Parliamentary Joint Committee on Corporations and Financial Services to further shine a light on financial abuse…. Read more »