The FOS Approach to Financial Elder Abuse
Elder abuse can take many forms, such as physical, psychological, sexual and/or financial. Appropriate safeguards need to be put in place to help protect vulnerable consumers (such as older people) when they obtain a financial service or conduct a financial transaction with a financial services provider (FSP).
Financial elder abuse is one of the most common forms of elder abuse. The scope of this Approach relates mainly to financial elder abuse in banking transactions. We explore warning signs of financial elder abuse and discuss what is considered good industry practice when faced with such challenges. We also discuss how we assess disputes involving financial elder abuse and review common issues.