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FAIR Canada and the CCEL want to find a solution to the financial abuse of elders

by

Andrea Lubeck

29 June, 2017 09:45

Photo : Freepik

The canadian Foundation for advancement of investor rights (FAIR Canada) and the Canadian Centre for Elder Law (CCEL) are partnering in the goal to establish a protocol to conduct concrete that can be used by canadian companies of financial services to combat financial abuse of elders. The project, lasting one year, is funded by the Fund for access to justice the law Foundation of Ontario.

FAIR Canada and the CCEL justify their initiative by statistics which reveal that 20 % of the canadian population will be aged 65 years and over by 2024. «This change has consequences that are of strategic importance, the needs of infrastructure services to the population through health care,» according to the two organizations.

«Between the hammer and the anvil»

FAIR Canada and the CCEL believe that financial advisers have a role to play when an elderly person is the victim of undue influence and financial exploitation. However, they find themselves » between the hammer and the anvil «, according to Marian Passmore, chief operating officer and director of policy at FAIR Canada, and are limited in the actions they can take if they suspect that their client is the victim of financial exploitation. They must either violate the regulatory requirements, is in compliance with the law on the protection of privacy by disclosing personal information to a third party.

The United States is more advanced on the subject

Ms. Passmore explains that, until now, the two organizations have conducted several researches on the practices of other jurisdictions to adapt to the canadian context. «It is in the United States that searches are the most advanced on the plan of the necessary legislative amendments to resolve this problem. However, the structures are different in Canada, so we need to look at what would be feasible in the canadian context. It will likely be a solution ‘made in Canada’ «, she adds.

Consultations with stakeholders in the environment

In the framework of the project, FAIR Canada and CCEL have wished to hear the views of different stakeholders, including community stakeholders, representatives of investors, vulnerable, in the financial services sector, regulatory authorities, the Office of the public Guardian and trustee, and specialists in the protection of private life. They are invited to comment on the difficulties experienced by the consumers, on what should be the solutions, on the legislative framework of the United States and its transposition in Canada, and on the technology used to protect individuals.

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