:format():fill())
National rules should be put in place regarding their use and who can witness their implementation, according to the Financial Advice Association of Australia (FAAA).
In feedback on a consultation paper about financial EPOAs released by the Attorney-General’s Department, the FAAA stated: “While it is vital to ensure the laws protect the interests of the principal, the requirements should not create an undue burden on Australians that makes it too difficult for the principal and attorney to establish an EPOA.
“Improving the consistency of the laws governing EPOAs across Australia is a vital step in better enabling decision-making for those with reduced capacity and also for strengthening protections in a balanced manner to reduce the risk of elder abuse.”