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The Authority acts to prevent the financial abuse of elders

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March 19, 2018 13:30

Photo : Freepik

Thefinancial markets Authority will publish a checklist to help officials identify situations of financial abuse of elders, in addition to a guide to prepare them if they are witnesses to a situation of abuse or exploitation.

This initiative comes following the publication of the most recent report from theinternational Organization of securities commissions (IOSCO), which states that 73 per cent of regulators in the world take initiatives to protect and educate older clients. The Authority is said to have provided an important participation in the survey of the organization.

A group very active

«The elders remain a group very active in the financial markets, recalls Louis Morisset, president and general manager of the Authority. It is important that they are well-informed, particularly about the support services that are available to them. In addition, all the actors of the industry should pay particular attention to seniors, who are sometimes isolated, or are in a stage of life where it can be difficult to cope with a financial loss. «

Like other actions, the Authority will offer conferences to associations of elders and the participation to exhibitions to meet the consumers of financial products and services and to raise awareness of the risks of fraud.

Four recommendations

In its report, the Organization issues a number of recommendations in respect of the regulators. In particular, she suggested that they put in place programs and education resources for investors between the ages and develop an expertise based on the issues experienced by those older.

In addition, IOSCO encourages regulators to conduct research projects to better understand the risks and challenges faced by these investors and the incidence and mechanisms of fraud that affect seniors in their jurisdiction and to develop guidelines and training programs for staff to revise to make transactions with investors elders.

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