As part of Elder Abuse Awareness Week the New Zealand Bankers’ Association is encouraging people to look out for financial elder abuse.
“Financial elder abuse is about the illegal or improper use of older people’s money, property and other assets. It’s particularly nasty because it preys on people’s trust, and often exploits family and other close relationships,” said New Zealand Bankers’ Association chief executive Kirk Hope.
Examples of financial elder abuse include:
- Unauthorised taking of money or possessions
- Misuse of power of attorney
- Failure to repay loans
- Use of home and assets without contributing to costs
Scams that rely on establishing a relationship with the older person with the intention of exploiting their savings and/or assets.
The Bankers’ Association has in place voluntary guidelines to help banks meet the needs of older and disabled customers.
“Among other things, the guide encourages banks to provide training to staff so they recognise signs of potential financial abuse while being sensitive to customers’ wishes,” Hope said.
Farmers facing tough times are being encouraged to talk to their bank early and often in an information resource launched today by the New Zealand Bankers’ Association at Fieldays.
“We all know that the agri sector is hugely important to our economy. We also understand the volatility and complexity of the sector,” said New Zealand Bankers’ Association chief executive Kirk Hope.
“That’s why we’ve put together an information sheet about how banks can help farmers facing financial challenges.
“Banks work in partnership with farmers to support their businesses through good times and bad. Two-way communication is essential, particularly during times of financial stress.”
Depending on farmers’ particular circumstances, there is a range of potential measures available across the banking sector, including:
- Reducing or suspending principal payments on loans and temporarily moving to interest-only payments
- Allowing term deposits to be broken without associated costs
- Low interest loans for investment in key environmental systems and projects
- Waiving fees associated with restructuring business loans
- Providing access to short term funding
- Financial management and budgeting advice
- Access to workshops on improving farm productivity and performance.
“The key is acting before the event takes place, having plans and a budget in place, and keeping your banker and advisers in the loop,” Hope said.
Budget 2015 continues the government’s responsible economic direction the New Zealand Bankers’ Association said today.
Bankers Association boss Kirk Hope said removing the kickstart was understandable from a cost perspective, but he called on the Government to commit to beefing up rules around enrolment.
Budget 2015 continues the government’s responsible economic direction the New Zealand Bankers’ Association said today.
“The Budget shows that the New Zealand economy remains on a sound track with a clear path to surplus forecast,” said New Zealand Bankers’ Association chief executive Kirk Hope.
“Despite lower than forecast tax revenue, meaning that a surplus will not be reached this year as predicted, the important thing is that a small surplus is expected in 2015/16, rising to a $3.6 billion surplus in 2018/19.
“Budget 2015 shows that the overall fiscal trajectory remains positive, and that’s a sign the New Zealand economy is in good shape. We welcome this and the framework that the Budget puts in place to support this steady growth.
“It’s pleasing to see that the reduction in crown debt remains on-track and that unemployment is forecast to fall below five per cent by 2016/17, while economic growth is set to average 2.8 per cent over the next four years. These are all signs that the economy is heading in the right direction.
“The priority placed on reducing income taxes from 2017 is also commendable.
“That said, the missed surplus for 2014/15, and reduced tax revenue, shows the relatively fragile nature of New Zealand’s economic growth story.
“That’s why it’s important that cautious, careful government spending is maintained. The government needs to remain prudent in its expenditure and continue to exercise restraint.
The Budget also confirmed a number of housing-related steps aimed at addressing challenges on both the demand and supply side of the equation.
“These are constructive steps and will aid housing supply and affordability especially in Auckland. It’s good to see the government moving to strengthen tax rules on residential property and bolstering IRD’s resources in this area.
New Zealand Bankers’ Association boss Kirk Hope said fraudsters were always looking for new ways to scam and steal people’s money.
The New Zealand Bankers’ Association is encouraging people to protect their personal information as Australasian Consumer Fraud Week kicks off today.
“Fraudsters are always looking for new ways to scam us and steal our money. Scammers use a range of ways to trick people into handing over personal information, usually by phone or email. Once they have that information, such as your account number, log-in details, or password, they can access your identity and your money. This kind of fraud is known as ‘phishing’ if the fraudster makes contact by email, ‘vishing’ if it’s by phone, or ‘smishing’ if it’s by text,” said New Zealand Bankers’ Association chief executive Kirk Hope.
“Your bank will never ask you for your PINs and passwords. Anyone who asks for these will in all likelihood be trying to scam you.
“Scammers often pretend to be your bank, a government agent, a retailer or someone you trust.”
How to avoid these scams:
- Don’t give out account details over the phone unless you made the call and you trust that the number you called is genuine.
- Don’t reply to, click on any links, or open any files in spam emails. Don’t call any numbers in spam emails.
Spam emails are often disguised to look legitimate. If it doesn’t seem right, take care and double check first before handing over personal information. It’s always a good idea to check the email address against one you know to be legitimate.
“If you are the genuine victim of fraud it’s good to know that your bank will stand by you and reimburse any losses. That promise doesn’t override your responsibility to protect access to your bank accounts,” Hope added.
Kirk Hope talks to Susie Ferguson about new lending restirctions for Auckland porperty investors.
New Zealand Bankers’ Association chief executive Kirk Hope said the new regulations would make borrowing more difficult for Auckland property investors. But they would have limited impact on prices. “The real issues driving housing affordability in Auckland are the lack of housing supply, and strong inward migration, not the availability of cheap credit.”