There’s an industry movement cracking down on senior financial abuse, forming behind the scenes that should result in far-reaching collaboration to address the growing issue of senior financial abuse.
Concerned professionals who provide services to help seniors manage their finances are coming together to determine how they can act to help deal with the pervasive financial abuse of our senior and elder citizens.
This alarming trend that most find so abhorrent it’s difficult to talk about. The ramifications of such abuse are widespread. It’s impacting so many loved ones and valued clients.
Often it becomes obvious all too late when senior’s finances are taken or stolen along with their means to support themselves.
Unless of course it’s detected early and they receive help to prevent situations occurring in a professional and informed way.
Everyone’s Responsibility
The senior people affected suffer loss of dignity as the destructive and ruthless financial abuse tactics leave them often too embarrassed to take action.
The ensuing shame results in a reluctance to speak of it publicly. They need help to prevent the financial abuse, and sadly, this form of abuse can lead to other forms of abuse.
“Much of the financial abuse is carried out by manipulation of legal documents”, as shared in the Communique link below. The financial services industry is in a unique position to help share information and develop better protections and ongoing industry collaboration is paramount.
Setting Boundaries and The Importance of Comprehensive Training
Training for professionals is imperative in order to assist with prevention as it’s far more preferable than the aftermath of destruction financial abuse leaves behind.
Finding out clients or loved ones have been subjected to this often ruthless illegal behaviour hits hard, followed by the realisation inheritance is taken or stolen as well.
One such important development is the Financial Services Council have established the FSC Elder Financial Abuse Working Group.
This action is to be applauded, as are initiatives by other workgroups and industries, all working towards preventing the unwanted abuse.
Many industry representatives are involved and this movement to bring about change that will no doubt grow as the private sector steps up to the plate to find solutions to address this serious issue.
To find out more about the recent FSC Financial Abuse Roundtable event and who was involved please refer to the FSC Communique link.
For details on accessing training for professionals with CPD Accreditation offered.
