Advisers’ ethical, moral and legal responsibilities in addressing domestic and family violence, including economic abuse, were covered in a recent TAL Risk Academy session.
A statement from TAL says more than 400 advisers registered for the one-hour CPD course “…highlighting the demand for guidance on this important topic that the ABS estimates impacts 3.8 million Australians.”
TAL says participants learnt how to identify tactics and patterns of abuse, the key elements in the Adviser Code of Ethics integral to supporting clients who may be victims of domestic or family violence, and practical actions to assist and support affected clients.
It also covered considerations in the life insurance context.
The session was led by TAL Head of Customer Advocacy and ESG, Chris Kirby with expertise from Jennifer Marshall and Peter Coburn, training and development consultants from Uniting, and Nathan Fradley, an independent financial adviser and Director at Ethos ESG Australia.
Marshall says financial advisers have an important role to play.
“This was an important opportunity to assist advisers in recognising the signs of financial and domestic abuse and to respond in a safe and responsible manner to disrupt the abuse and enhance the safety of those affected.”
… as financial advisers we often gain deeper insights into our clients’ lives than many other professionals…
Fradley notes “…as financial advisers we often gain deeper insights into our clients’ lives than many other professionals, giving us a unique perspective on their circumstances.”
He says that with this “…comes a responsibility to recognise when family and domestic violence—including economic or financial abuse—may be impacting their financial well-being. Having the skills to respond appropriately, when we suspect something, is essential.”
Kirby added that the life insurer was focused on ensuring all customers felt secure and supported, particularly those experiencing vulnerabilities including customers impacted by family and/or domestic violence.
The insurer says that according to the Centre for Women’s Economic Safety, financial or economic abuse can take many forms and is often hidden from view.
“While the definition of economic abuse is different in the laws of each Australian State and Territory, generally, economic abuse is coercive, manipulative or controlling behaviour that takes away someone’s personal or financial freedom.”
According to the ABS, one in six women and one in 13 men in Australia experienced cohabiting partner economic abuse.
Advisers who missed the session can access it here.
