Australian banks, along with seniors groups and the Financial Services Union (FSU), have called on lawmakers to proceed with laws for suspected elder financial abuse.

The Australian Securities and Investments Commission (ASIC) has begun civil penalty proceedings in the Federal Court against Westpac in relation to poor advice provided by one of its former financial advisers.

Financial planners will be limited in providing advice on the pension loans scheme (PLS) unless they are adequately licensed, a specialist aged-care expert has warned.