Abuse of vulnerable adults 'a growing problem'
by Joy Dunbar
FinancialAdviser
October 23, 2008
Financial abuse of vulnerable adults is a growing problem, according to a new government report.
The Safeguarding Adults consultation report published by the department of health states that financial institutions are raising concerns informally with the police about unusual financial transactions on vulnerable people's accounts. This could be the tip of the iceberg and financial abuse may be more widespread than reported incidence suggests the department of health said.
It added that many offences go unreported and are often committed by family members or informal carers and due to the sometimes vulnerable mental or physical condition of the victim, difficulties arise in obtaining admissible evidence.
The report said the department of health is consulting banks, building societies, the British Bankers' Association and the FSA. It said that organisations could be encouraged to "share information" if they suspect financial abuse of vulnerable adults. It said: "Financial abuse appears to have increased steadily and to have diversified. Is there a need to explore the most common types and most effective responses?"
Lesley McLeod, executive director of communications and press secretary to the chief executive at the BBA, said: "We have a panel that looks at access to finance for various groups, one of those groups looks at issues that older people have, not specifically elder abuse. We have in the past offered member banks guidance on what to do if you feel that someone is being coerced into taking money out of their account and it give it someone. We are more than happy to work with our member to improve services to older people."
SOURCE: FT Adviser - London
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