Why is it all-important to proficiently meet clients’ best interest duty around this issue?
A new accredited training crucial to assist clients successfully prevent financial abuse provides the means to upskill for essentially helping to protect consumers from potential financial loss, leads to better retention rates of valued clients, and protects the professionals in the financial services, banking and superannuation industry.
The financial impact of this unwanted trend is estimated to be in the billions of dollars as financial exploitation and fraud hits millions of seniors and vulnerable people and the far-reaching ramifications have flow on effects impacting the industry in terms of loss of clients, their stolen finances and financial losses to business.
To benefit everyone right across the board a new accredited training program aimed at leading to drive better outcomes has resulted in the development of specialist training focused on how to best assist clients with this growing serious issue, and in doing so well protect professional advisers, companies and licensees.
‘The Responsible Professional Management of Financial Abuse' meets demands to up-skill for new industry requirements and consumer expectations. CPD accredited for professionals and management to gain necessary knowledge around how to best assist their clients to be safe and secure long term.
This issue represents a big problem for the financial services and banking industry, including superannuation, and other industries who assist clients with their financial arrangements. With the recent health crisis people are even more exposed to the increasing trend with dire consequences if not dealt with promptly and appropriately.
If we want to see better outcomes around this issue, then comprehensive training is absolutely vital, and it’s imperative that an expert facilitates. Ensuring the industry can access the all-important content to actually be prevention effective for the rapidly growing ageing retirement community is now a key undertaking.
Are consumers and legislators driving new expectations?
The financial losses to consumers, devastating if impacted, can have their finances to support lifestyle and later age requirements taken with many terrible consequences. Industry professionals actually want to help their clients, they need to know 'what to do' in order to step up effectively, and consumers now expect this assistance.
Highlighting the need for a convenient way to undertake training, the health crisis makes it imperative considering the reports of 20% increases in scams and fraud, further adding to the increases in the overall financial abuse rate due to the extenuating circumstances that is expected to be ongoing for some time.
New laws are coming into play to consider and there's many different ways to reduce the impact of financial abuse and its far-reaching consequences. Done effectively leads to protecting all concerned from the perpetrators – especially seniors, elders, the vulnerable.
A responsibility to assist and taking reasonable steps moving forward is key. Being better informed to prevent the financial perpetrators from carrying out the 'wrong doings' that’s an abuse of peoples' rights and against the law, is paramount to effectively and respectfully maintain client safety, security and long-term potential.
This comes at a time when regulatory compliance and consumer protection, professionalism and ethics, fiduciary duty is front and centre on everyone’s minds and driving better outcomes around Clients’ Best Interests is now expected and professionals and the industry companies can be held accountable.
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