New inquiry into financial abuse in Australia

A new investigation into financial abuse in Australia has been announced by Senator Deborah O'Neill, Chair of the Parliamentary Joint Committee on Corporations and Financial Services, and Zaneta Mascarenhas MP, a member of the committee and Federal Member for Swan. The investigation will look at potential areas for reform, the effectiveness of current laws governing banks' ability to deal with financial abuse, and the role that financial institutions play in identifying and preventing financial abuse. The investigation will also look into possible actions that could be made to help banks identify financial abuse more accurately.

“Financial abuse is a form of family and domestic violence. It ofen goes unseen and unheard. “With the shift to online services, we need to investigate how family and domestic violence has shifted there too, and whether our regulatory systems are equipped to adequately deal with it. “Parliamentary inquiries play a crucial role in gathering evidence and engaging with stakeholders, ensuring that issues of national importance receive the attention that they need and deserve. “Financial abuse is insidious and deeply harmful to those individuals who experience it. This is an inquiry of exceptional merit, and I commend the Member for Swan for bringing this important issue to the commitee’s atenttion.” , Senator Deborah O'Neill said.

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To better understand how Australia can respond to this type of abuse, it will examine reforms and experiences from other countries. In March, the committee decided to move forward with the investigation. Zaneta Mascarenhas, MP, proposed the enquiry and has expressed her gratitude for the committee's support. The public can now view the terms of reference.

Written submissions that address any or all of the reference terms are currently being accepted. Submissions end on Friday, June 14, 2024, at 5:00 p.m.

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