There is a significant increase in vulnerable seniors who have diminished mental capacity or are subject to undue influence and financial elder abuse intersecting with financial institutions. Securities administrators such as the Ontario Securities Commission, the New Brunswick Financial and Consumer Services Commissions and the Autorité des marchés financiers (AMF) have been leading the way in seniors-focused reforms and strategies. While banks now have a recently established Seniors Banking Voluntary Code, it is both incomplete in remit and unenforceable in practice.

Banks must continue to provide services which are senior-friendly. This includes moving towards flexible banking options, such as Open-Banking /Postal Banking. Where banks are closing branches, replacement alternative banking options must be made available such as full-service ATMs, particularly in non-urban centres.

Recommendation #108: Trusted Contact Person

Update Know Your Client (KYC) protocols to ensure that they can include asking for a Trusted Contact Person. Ensure that the KYC process is accessible and is appropriate as clients age.

Recommendation #109: Training

Ensure that all people who work in the financial sector have competency-based training on elder abuse, mental capacity issues, undue influence, and how to report concerns to the appropriate designated organization.

Recommendation #110: Change Voluntary Seniors Banking Code into Banking Regulation

Change the Voluntary Code of Conduct for the Delivery of Banking Services to Seniors (Seniors Code) to a mandatory regulation reportable and overseen by the Financial Consumer Agency of Canada (FCAC). Ensure that the FCAC has the ability, mandate, and resources to levy substantial fines in case of regulatory violation.