From financialnewswire.com.au: The Financial Advice Association of Australia has expressed concerns over the Australian Financial Complaints Authority’s authority to establish standards related to elder abuse in financial services.

The FAAA questioned the legal basis for AFCA’s expectations that financial firms implement policies and procedures concerning financial abuse, suggesting that this sets compliance standards that could unfairly penalise financial advisers.

The association advocates for a clear separation between recognizing signs of financial abuse and the responsibility of the perpetrators.