Aged care advice needs regulatory intervention

Aged Care Steps is calling on the government, regulators and broader advice industry to enable the more effective provision of aged care advice in Australia.

- Angelique Minas

In a new report, The risk of unrelated aged care advice: protecting older Australians and ensuring quality advice paper, Aged Care Steps identifies key issues with how aged care advice is being provided in Australia, calling for reform.

Older Australians and their families are increasingly at risk of receiving conflicted, inconsistent and inaccurate advice, Aged Care Steps said.

The organisation credited this to gaps in financial advice regulation, including the growing number of unlicensed financial advisers, exposing older Australians to serious financial harm.