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Publication
Combating the weaponisation of financial products: A pathway forward
In light of the discussion paper published by the Centre for Women’s Economic Safety (CWES) last year.
Author:
Australia | Publication | November 2023
A key pillar of our firm's pro bono strategy is to assist both organisations and individuals to tackle one of the most insidious forms of family violence – financial abuse.
Financial abuse occurs when someone takes away another person’s access to money, manipulates another person’s financial decisions, or uses another person’s money without their consent. Financial abuse can take many forms and often consists of several actions which take place over a period of time, rather than a single event.
It may include the following:
Regardless of the method used by perpetrators, the results of financial abuse can be devastating. Victims/survivors may struggle to get legal assistance, particularly if their accounts have been drained. They may be ashamed or embarrassed and reluctant to seek help. They may not even realise that what they’ve experienced is a form of abuse. Financial abuse has a significant cost to both individuals and society. It is estimated that in 2020 there were $5.7 billion in direct costs for victims and $5.2 billion in costs for the broader economy.1
Our firm is investing significant resources to develop our pro bono financial abuse practice.
Our approach is twofold: to support the systemic advocacy of our non-profit clients; and assist victims/survivors of financial abuse seek legal redress. This approach plays to the strengths of our lawyers but also means our pro bono assistance can have a significant impact. Our lawyers also develop an intimate understanding of how systems, such as the financial services industry, can be weaponised to perpetrate abuse.
Elder financial abuse often has distinct legal pathways to seek redress, as opposed to financial abuse in intimate partner relationships. Our disputes lawyers are able to use their expertise to bring about positive outcomes for clients and we have been successful in obtaining significant financial settlements for clients.
A key part of our strategy is to support projects aimed at systemic change. Examples of our recent pro bono work include:
We recognise that there is no simple solution to financial abuse. It will take significant reform across many industries, as well as a commitment from state and federal governments to enact the necessary legislative changes to bring perpetrators to account. However, as we build our pro bono practice in this area and enhance our skills, we hope to become instrumental in positive social change.
Publication
The Regulator has issued an online announcement about upcoming changes to its DC scheme return.
Publication
On July 30, 2024, the Regulator published its market oversight report on how trustees are complying with their environmental, social and governance (ESG) duties, including in respect of climate change.
Publication
We reported last month that the Court of Appeal had agreed with the High Court’s previous judgment that all rule amendments to contracted-out DB schemes between 1997 and 2013 require written actuarial certification. Three pensions professional bodies have now issued a joint statement on the effect of the ruling.
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