A Financial Abuse Specialist certification, originally produced for the UK market, has been updated to meet the needs of advisers in Australia.
Amanda Cassar, Founder and Director of Gold Coast-based Wealth Planning Partners co-wrote the revised course with its creator Michelle Hoskin – Founder and CEO Standards International – to meet the expectations of Australia’s regulatory bodies.
“Australia is more highly regulated than the rest of the globe as to how businesses are run,” said Cassar. “I also want advisers to have access to practical tools and take-aways including a range of local hotlines such as those for elder abuse.
“If advisers want to put together their own strategies and processes for when dealing with elder or other forms of abuse then this course gives them knowledge to do so.”
Standards International focuses on ethical and performance standards across professional services, and states the program sets a new benchmark for ethical leadership across numerous industries – not just financial advice.
Cassar said it’s suitable for those working in the wider market of advice, including legal, lending, healthcare, as well as the care sectors, “…those uniquely positioned to identify and intervene in cases of financial and economic abuse”.
“The course not only builds awareness, it builds accountability,” she said.
According to the Australian Bureau of Statistics financial abuse affects one in six women and one in 13 men.
…coercive control is a criminal offence, and that includes financial abuse…
“One sign of financial abuse is when one partner answers all the adviser’s questions and constantly interrupts their partner during client consultations,” said Cassar. “Advisers need to know what to look for as coercive control is a criminal offence, and that includes financial abuse.”
She said the course is something businesses and individuals can embed into their culture, their service models, and helps give professionals the confidence to act.
“Organisations are invited to partner with the initiative,” said Cassar. “Whether by certifying internal teams, integrating the course into professional development plans, or joining awareness campaigns.”
