Banks 'not protecting elderly'
More safeguards needed to stop financial exploitation -- watchdog
October 27 2009
IRISH banks and financial institutions are refusing to put checks in place to protect elderly customers from financial abuse, a new report by a government-appointed expert group has warned.
The group -- chaired by Leas Cross report author Prof Des O'Neill -- also criticised the hands-off approach to reducing elder abuse by the Department of Finance.
Prof Des O'Neill warned: "We have no evidence that the financial and banking sectors have recalibrated their systems to minimise the possibility of elder abuse happening, nor implemented processes to facilitate detection and management of elder abuse when it occurs as have taken place in other jurisdictions." Meanwhile, financial scams were third only to psychological abuse and neglect in the cases of reported abuse inflicted by others on elderly people last year.
The Department of Finance has no direct role in tackling the issue of financial abuse, nor does it regard itself as having any part to play, the report of the Elder Abuse Implementation Group revealed.
Abridged
SOURCE: The Independent
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