Financial Services Council releases guide to help stop elder financial abuseOctober 31, 2019

The FSC, on 29 October 2019, released its Guide on the Prevention of Elder Financial Abuse. The guide is a starting point for non-banking financial services organisations to identify, address and prevent the financial abuse of their older clients and customers.

Key challenges and considerations posed by the guide include:The importance of maintaining trusted and transparent client relationships, Managing client confidentiality and appropriate responses to abuse, The importance of cooperation in a changing legislative environment, There is no ‘one-size-fits-all’ approach and Data, reporting and controls.

The guide is presented in two parts – Risks, Red Flags and Responses designed to be used financial service professionals at all levels; and Organisational Controls, Policies and Processes intended for Board members, senior management, governance and risk management committees.

read the guide here >>>>>The FSC Guide to the Prevention of Elder Financial Abuse 2019

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