Substitute decision-making policies and practice
This research project investigated the policies and practices of financial institutions in NSW with regards to substitute decision making instruments and in particular, powers of attorney.
Consumers regularly report inconsistencies in the policies and practices of financial institutions and high rates of non-compliance in relation to substitute decision making instruments that cause difficulties for people with cognitive decline and/or dementia, and their carers.
Eight policy and procedural recommendations for financial institutions and their staff were identified to improve service:
- Financial institution handling of substitute decision-making policies
- Financial institutions third party signatory and co-signatory policies
- Education and training for frontline staff
- Educate customers and the general public
- National Register for Powers of Attorney
- Online Banking
- Implementation of the House of Representatives Inquiry Recommendations
The policies and practices of financial institutions around substitute decision-making