Elder Financial Abuse: What role should banks and financial institutions play regarding intervention in cases of suspected financial abuse, involving power of attorney arrangements?
Elder financial abuse is a nation-wide problem that affects banks and investment firms. Many experts recognize that a large number of these elder financial abuse cases involve power of attorney arrangements (Sasha Angus, personal communication, July 2013). Ambiguity exists regarding the role of banks and financial institutions regarding this problem. OBSI regularly encounters these types of financial abuse cases involving power of attorney arrangements. They are therefore interested in investigating the role that banks and financial institutions should play regarding intervention in cases of suspected financial abuse involving POA’s. This project will provide OBSI with clarity on this topic through research and suggested recommendations. This information will then be used to assist OBSI in both preventing and responding to these types of cases; ultimately, mitigating this issue.