Financial Advice Association Australia (FAAA) calls for improved financial abuse detection and protocols in the industry.
Financial Advice Association Australia (FAAA) urges better handling of financial abuse, claiming advisers are uniquely positioned to detect it. The industry lacks consistent protocols for handling suspected financial abuse, with privacy laws and insufficient whistleblower protections creating significant barriers. FAAA's seven key recommendations include raising public awareness, creating a central source of training and support, establishing a hotline, and developing a standard identification, reporting, and escalation framework.
June 25, 2024
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