Mandatory national EPOA register Submission

Summary: National Seniors' Response to Consultation Regulation Impact Statement on Enduring Power of Attorney Instruments National Seniors' Background and Interest National Seniors advocates for older Australians and supports national legislation and a register for EPOA to prevent financial elder abuse. Support for Option 2: Mandatory National Register Urgency in implementing a mandatory register for better protection of vulnerable individuals. Benefits include clearer assessment of EPOAs, enhanced data for research, and deterring abuse. Removal of administrative burden and compliance with state/territory legislation. Opposition to Option 1: Maintain Status Quo Failure to implement a national register exposes vulnerable individuals to financial abuse. Maintaining status quo hampers efforts of third parties and creates unnecessary burden. Opposition to Option 3: Voluntary National Register Less optimal approach with increased costs and inconsistency of protections. Onus on financial services providers, risk of coercion, and higher individual registration costs. Compulsory registration acts as a deterrent to potential abusers and ensures transparency. Conclusion National Seniors advocates for a mandatory national register to protect against financial abuse and ensure transparency in EPOA arrangements.