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Quebec delegates to the Authority the measures to combat the financial abuse of seniors

by

Alain Thériault

16 June 2017 13:30

Photo : Freepik

Thefinancial markets Authority has taken advantage of the world Day of awareness of abuse of older persons, an initiative of the united nations, which took place on 15 June, to say that it was committed to implement measures to fight against the misdeeds which are directed at this segment of the population. «Seniors are particularly vulnerable to the consequences of bad decisions in personal finance and fraud, finance. The strengthening of our support measures, as well as the development of new tools designed specifically for seniors will help to reassure them and to even better protect them, » said Louis Morisset, president and CEO of the Authority.

These measures will occur in the framework of the recent government action plan to counter elder abuse 2017-2022. «Financial exploitation is a matter of concern particularly important, as it is, with the psychological violence, the type of abuse most frequently reported. This form of exploitation can lead to harmful effects on the physical and psychological health of those who suffer it. Specific actions will therefore be implemented to combat it, » writes the minister of Families, responsible for Seniors and Anti-bullying, Francine Charbonneau, in his introductory message to the plan.

Make available awareness-raising tools

General measure number two of the plan aims to develop and make available different ways and tools to raise awareness on child abuse, including child abuse material and financial, as well as on the welfare towards the elderly «. A measure of which the target is qualified to continue in the plan. The Authority is responsible, among others, to publish a guide of good practices to be adopted by the industry with regard to consumers of financial products and services vulnerable, including the elderly. The Authority will also continue its series of conferences on the prevention of financial fraud with the seniors and financial advisors. It will work with associations of seniors and will look for events that are dedicated to provide its assistance services, as well as tips to detect and prevent wrongdoing.

Disclosure and professional secrecy

Among its four major objectives, the government plan aims to encourage and facilitate the disclosure of situations of abuse, including situations of abuse material and financial support. In his introductory message, the Prime minister of Quebec, Philippe Couillard, has said that the new plan will promote early detection of situations of abuse and an appropriate response to the people who undergo it, in all walks of life. «We will facilitate also the disclosure «, he added.

In its edition of march 2017, the Journal of insurance has raised concerns of researchers and practitioners according to which changes should be made to the bill 115 to combat the abuse of older persons, to facilitate the disclosure and to better frame it. L’Ordre des comptables professionnels agréés (CPA) wished to see the derogation of the obligation of professional secrecy clearly framed. Researchers from the University of Laval had, for their part, revealed the impotence of the financial advisors against the financial abuse against elders. They offered to give them tools by loosening the rules of professional secrecy. Bill 115 came into force on 30 may.

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