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Banks should protect older customers from financial abuse

Banks should protect older customers from financial abuse

By Karin Derkley

Aged Persons Finance 

Banks need to take a greater role in protecting older customers from financial abuse, the Law Institute has said in a submission to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. While banks have no legislated duty of care to customers, they have a moral obligation to check-in with vulnerable customers, including older persons, if they believe they might be being scammed or financially abused, says Jessica Latimer, a member of the Elder Law Committee and principal lawyer, Commercial Litigation at Slater and Gordon."Too often, older persons do not realise until too late that their money has been stolen by family members or third-party scammers who have access to their accounts," she says.

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