Banking on it: Strengthening the response to financial elder abuse across Australia

In this submission to the Parliamentary Joint Committee, Justice Connect draws on its years of experiencing working to provide free legal assistance to aging Australians through our Justice Health Partnerships. We recommend key reforms for preventing and addressing financial elder abuse through the financial services sector. 

Justice Connect supports the introduction of a mandatory national register of Enduring Powers of Attorney (EPOAs) to reduce misuse and enhance transparency. We call for clarity in privacy laws to allow banks to share information when elder abuse is suspected, and for greater standardisation in how financial institutions detect and respond to abuse. The submission emphasises the need for specialised training for frontline staff and robust industry-wide protocols to ensure consistent responses across all banks. 

Justice Connect also highlights that older people are often unable to navigate digital banking tools without assistance and stresses the need to retain non-digital access points like paper statements to reduce reliance on potential perpetrators.  

We urge national coordination between regulators, service providers, and financial institutions to prioritise prevention, safeguard older people’s autonomy, and embed human rights principles into the financial system’s response to abuse.