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Identifying and Preventing Elder Financial Abuse

Part of our process is to our team is aware of elder financial abuse, including unethical influence and intolerable conduct, and to monitor and prevent this from happening, if possible.

Elder Financial Abuse

Elder financial abuse is any financial misconduct suffered by a senior caused by someone they depend on and trust.

Instead of an isolated incident, it may have occurred in various instances over a period of time and can take many forms.

More Information on Elder Financial Abuse

Possible signs of vulnerability and abuse range from social, physical, and financial key indicators. Throughout the application process A.S.A.G. will identify these signs if prevalent and take action as required if identified.
A vulnerable and detrimentally affected customer is a warning sign of improper conduct. Our team will carry out further investigation if there are more key indicators. These indicators include:
? The customer is confused about where their money goes.
? A family member, a friend, or a third party attempts to or acts on behalf of the client without authority to do so.
? Another person manages a supposedly capable senior’s finances.
? A reluctant customer in answering enquiries or giving information.
? Confusion over the account despite clear explanation.
? Lack of medical care, even though the customer has enough funds to pay for it.
? Indications of misuse of an Enduring Power of Attorney, or Guardianship and Administration order, to take over an older person’s financial affairs to their detriment.
? Notification that mail is no longer being delivered to the customer’s home.
? Another occupant lives in the residence supposedly mooching off the customer.
? Funds are drawn without the customer’s desire to do so.

As part of the A.S.A.G. due diligence checks at point of application, there are a few signs that will be marked key indicators for further review at the point of application. Some being:
? The purpose for the loan is not satisfactory for customer type or will not fulfill the objectives;
? Tampered or clearly edited financial documents;
? Requests for the funds to be deposited to a third party account;
? Large or unusual financial transactions;
? Application handling by third party with little to no involvement by primary applicant.

As part of the A.S.A.G. due diligence checks at the point of post settlement, there are a few signs that will be marked key indicators for further review. Some being:
? Outside of the borrower involvement for cash reserve access or redraw access outside of the initial indicated use of funds;
? Inconsistent activity from the account to the original purpose of the loan;
? At any time the borrower being unaware of changes or access to the account;
? Signatures that do not resemble the borrowers signature

A.S.A.G. assists customers in an accessible way in which they are most comfortable. Communications can be done by phone, email, webchat, and in person.
In case of a language barrier during the application process, an appropriate assistance will be offered from our network of mortgage brokers.

As part of the application process, all A.S.A.G. customers must themselves seek independent legal and financial advice for assurance that they understand the agreement they are making as well as to further your understanding of your rights and obligations around an A.S.A.G. Equity Release, as well as what impacts this may have on your pension entitlements or other benefits.
It also serves as a precautionary measure in detecting and preventing elder abuse.

Throughout the application consultation process, if our team has any reason to believe that information is being withheld or there are signs of reluctance to provide information, we will take the reasonable steps to identify signs of abuse.
This process takes place by conducting a private discussion directly with the customer.

If A.S.A.G. identifies that the customer is in a position of vulnerability, there is a two-step approach for the A.S.A.G. action plan. At all times, privacy policies will be enforced, and no information will be released to any parties unless A.S.A.G. has permission from the customer.

Step 1 – Private Discussion
The private discussion is with the customer only and handled by an A.S.A.G. team member. All points from the discussion regarding concerns are documented. Any ‘key indicators’ are noted regarding any third-party involvement.

Step 2 – Escalation
Proceeding Step 1, confirmed abuse cases are escalated to senior management. At this point A.S.A.G. will:
? Delay any release of funds;
? Cease any approvals on the loan;
– Report any incidents to the authorities and request a visit from a police welfare if the customer cannot be contacted;
? Notify protective agencies such as Public Advocates i f there has been an abuse of Guardianship and Administration, or Power of Attorney order;
? Request assistance from other family members or emergency contacts on file;
? Request a medical certificate confirming the capacity of the customer.

If a case of vulnerability is identified, a ‘care flag’ will be noted on our system to make sure the right approach will be taken.

Abuse is often non-specific and may relate to a set of factors that A.S.A.G. has processes to identify. We do this using the framework of I-C-U (Information, Communication, Understanding).

Information
Our application form is designed to collect all information from the applicant to ensure that we know exactly who we are talking to but also to provide as much information around A.S.A.G. and out products as possible in a variety of methods to ensure our messages are delivered.

Communication
As a non-negotiable A.S.A.G. will at all times require direct communication to the applicant. As we know quite well the demographic that requires A.S.A.G. services may also require support in the application process, it is still a requirement that we deal at times directly with the applicant ourselves.

Understanding
We will take the required steps to ensure a complete understanding of the information supplied around the product. But A.S.A.G. also takes further steps in requiring all applicants to seek professional advice regarding the product before finalisation.

As part of the process we will advise customers of free support services to seek additional assistance.

Financial Abuse – Elder Assist
1800 ELDERHelp (1800 353 374).

Memory Loss – Dementia Australia
1800 100 500

Financial Difficulty – National Debt Helpline
1800 007 007

Crisis Support – Lifeline
13 11 14

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