Singapore banks developing guidelines to protect seniors from financial abuse by loved ones

Financial abuse by a loved one can range from theft and coercion to manipulation or violence to obtain money and assets from the senior. - Photo: ST

SINGAPORE: The Association of Banks in Singapore and the major banks are currently developing industry guidelines to better protect elderly clients from being abused financially by their loved ones, such as their children and other family members.

The association’s director Ong-Ang Ai Boon told The Straits Times these efforts to strengthen safeguards come amid an ageing population and instances of seniors being financially abused by “trusted parties”.