Review finds most bank lacks clear elder abuse information

Binaya Dahal

Editorial Intern, Financial Newswire

16 February 2026

Only 23 out of 88 Australian banks have been found to provide what code monitors consider clear, accessible, and dedicated online information on financial elder abuse, prompting fresh scrutiny on how the sector is protecting older customers as cases of abuse continue to rise nationwide.

A joint review by the Banking Code Compliance Committee and the Customer Owned Banking Code Compliance Committee found wide inconsistencies in how banks explain financial elder abuse risks and the operation of financial powers of attorney.

The review assessed 34 banks and 54 customer-owned banks covered under their respective industry codes of practice and examined whether institutions were providing meaningful public guidance and practical referral pathways for vulnerable older customers.

Among the 34 banks reviewed, 29 referred to financial elder abuse in some form, but only 15 were found as offering quality information through a dedicated and clearly visible webpage.

Within the customer-owned banking sector, 29 of 54 institutions mentioned financial elder abuse, yet only eight met the higher benchmark of providing comprehensive, accessible and well-structured online resources.

The report estimates that between 67,500 and 100,100 older Australians experienced some form of financial abuse in the previous six months, with common forms of abuse including pressure to give or loan money or property and the unauthorised taking of funds or assets.

Chair at Banking Code Compliance Committee, Ian Govey AM said financial elder abuse was a serious and often hidden issue that can undermine the rights and well-being of older Australians.

“Financial elder abuse frequently occurs out of sight, and many cases go unreported because people may feel ashamed, fearful, or may not even realise it is happening,” Govey said.

“Clear, accessible information on the issue matters. It can help customers, carers, and the wider community understand risks, recognise concerns, and know where to seek help.”

Likewise, Chair at Customer Owned Banking Code Compliance Committee, Danielle Press said providing clear information on a website was only one part of an effective response to financial elder abuse.

“Information and guidance can help raise awareness, but it must be supported by robust internal systems, staff training, and procedures that enable banks to actively identify, prevent and respond to abuse in practice,” Press said.

The review has issued eight recommendations, including clearer explanations of financial elder abuse, plain-language guidance on powers of attorney and improved accessibility through easy English materials and translated content.

It has also urged banks to provide prominent and up-to-date referral pathways to specialist and Indigenous support services, ensure consistency across brands, and regularly review whether published information is effective in reaching intended audiences.