Financial Services Regulatory Framework in Relation to Financial Abuse
The Law Council of Australia welcomes the Parliamentary Joint Committee on Corporations and Financial Services’ inquiry into financial abuse in Australia (Inquiry). We support the Inquiry’s focus on the role of financial institutions in the identification and prevention of financial abuse, the effectiveness of existing laws to govern the ability of banks to deal with financial abuse, and potential areas for reform.
The Law Council recognises that financial abuse is a widespread phenomenon, manifesting in circumstances involving family violence, elder abuse, misuse of enduring powers of attorney and other instruments, cybersecurity, and commercial transactions.
Read the full submission below.
Last Updated on 22/07/2024
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