Financial Services Regulatory Framework in Relation to Financial Abuse

The St Vincent de Paul Society National Council supports the November 2021 Independent Review of the Banking Code of Practice and recommendations covering Part 4 of the Code: Inclusive and accessible banking.  The Society considers that the ABA Industry Guideline Preventing and responding to family and domestic violence should be treated as ‘Code-related’ documents that provide detail on the implementation of the Code. The Society also supports similar treatment of the ABA Industry Guideline Preventing and responding to financial abuse (including elder financial abuse). In short, both Industry Guidelines should be reclassified as mandatory, with binding status.

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