Vigilance needed in helping older consumers deal with their financial affairs.

The recent report from The Financial Services Ombudsman (FSO) reveals a startling rise in the incidences of alleged mis-selling of investment products by banks and financial service operators to unsuspecting older consumers. Without putting too fine a point on it, they mean someone's elderly mother, father, grandmother or grandfather – not faceless people – real people.

The Ombudsman has indicated, for the third year in a row, that he is saddened and disappointed by the attitude of the banks in their dealings with elderly people, and has described the situation as 'scandalous'. This is backed up by the fact that, in the first half of this year alone, complaints to that office almost doubled to 3,900 compared to last year. In the majority of cases, he said, people were claiming they had not been fully advised of the risks related to the investments.

These stark facts leave us in no doubt as to the seriousness of the problems facing vulnerable people, and older people in particular. Those of us whose parents, friends or loved ones are getting on in years must redouble our efforts to be vigilant and watch out for sharp practice by some unscrupulous investment 'advisors' and other 'chancers'.

Assisting with the money management needs of older people:

Most elderly people prefer to manage their own affairs and live independently in their own communities with support systems, however, loss of independence is upsetting for an older person, and that, coupled with forgetfulness, leaves them exposed and vulnerable to people taking unfair advantage

A strong network of family and friends will serve to safeguard their interests and enable them to make the most of their lives. It is, therefore, essential that people take responsibility and 'if in doubt - check it out' when abuse in relation to money matters is suspected.

How do you gauge when help is needed?

One standard way to monitor and assess when help is needed in elderly individuals is to try to examine their daily activities, their attention to personal care and their ability to execute basic household tasks.

A change in mood or emotional health, coupled with the impractical execution of any of these tasks may indicate a tendency towards forgetfulness, leaving them vulnerable and indicating that they may not be in full control of their affairs.