Issue #5: Financial Institutions

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Issue #5: Financial Institutions

Financial institutions need minor changes to the Personal Information Protection and Electronic Documents Act (PIPEDA) to allow them to report elder abuse and neglect or suspected mental incapacity appropriately. Financial institutions also need binding regulatory oversight from the Financial Consumer Agency of Canada in responding to elder abuse, mental incapacity, and undue influence.

Recommendation #10: Definitions

Amend PIPEDA s.7(3)(d.3) to define “financial elder abuse” and “mental capacity”.

Recommendation #11: Reporting

Amend PIPEDA to update the list of persons and organizations to whom financial institutions are allowed to report, in order to align with provincial reporting systems.

Recommendation #12: Data Collection

Require all Canadian financial institutions to collect data on suspected elder abuse and neglect and mental capacity issues, reportable to their designated regulator semi-annually, with this information made publicly available.

Recommendation #13: Regulation

Change the Seniors Voluntary Banking Code to a binding regulatory requirement of the Financial Consumer Agency of Canada and amend the Code to include the requirement to request that a Trusted Contact Person be sought from the client. Provide financial institutions with Legal Safe Harbour to protect them from liability for appropriately reporting reasonable concerns related to suspected elder abuse and neglect.

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