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.
Our partner CNPEA (Canadian Network for the Prevention of Elder Abuse) has launched ‘Future Us:
In this webinar on Sept 16th, hosted by Elder Abuse Prevention Ontario, attendees will learn