Financial Abuse Inquiry – 1 month left for written submissions

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The Parliamentary Joint Committee on Corporations and Financial Services commenced an inquiry into the systems and regulatory framework relating to financial abuse at the start of April 2024. The period for written submissions is now half-way through and will officially end on 14 June 2024.

Submissions can be made publicly but the committee is also accepting submissions made on a confidential or ‘name withheld’ basis.

The Terms of Reference are:

  1. The prevalence and impact of financial abuse.
  2. The effectiveness of existing legislation, common law, and regulatory arrangements that govern the ability of financial institutions to prevent and respond to financial abuse.
  3. Other potential areas for reform, such as prevention, protection, and proactive systems.
  4. Steps that might be taken to support financial institutions to better detect and respond to financial abuse. 
  5. The role of government agencies in preventing and responding to financial abuse. 
  6. The funding and operation of relevant advisory and advocacy bodies. 
  7. Any other related matters, including comparative information about arrangements in relevant overseas jurisdictions.

For a more thorough breakdown of the Terms of Reference, how and where to make a submission, accessibility options and committee membership please see the parliament’s web page for the ‘Financial Services Regulatory Framework in Relation to Financial Abuse’ here.

For more information about financial abuse and options for support you can see the 1800RESPECT page on financial abuse here.