Enhancing protections relating to the use of Enduring Power of Attorney instruments
The government is continuing to work with states and territories, through the Council of Attorneys-General, to identify areas where current state and territory legislation can be amended to create greater consistency across borders and enhance transparency of EPOA documents which support financial transactions.
Keeping Australians safe is a priority of the Australian government, and this includes protecting older Australians from all forms of abuse, including financial abuse. The need to improve the safeguards associated with enduring power of attorney documents is an issue that governments are acutely aware of.
The Australian government has indicated that the development of a national register, in line with recommendations made by the Australian Law Reform Commission (ALRC) and a call to action by the Australian Banking Association and Australia’s Age Discrimination Commissioner, is an important area of public policy reform which requires additional consideration.
The Consultation Regulation Impact Statement (RIS) sought to examine the regulatory options under consideration, in order to understand their economic and social impacts, and determine the relative costs and benefits of proposed EPOA safeguarding options