How listing a trusted contact could foil financial elder abuse within families
BNN Bloomberg
Provincial and territorial securities regulators are raising alarm bells over a spike in reports of financial abuse against Canadian seniors. What is most shocking is that it is often happening within families.
The increase can mostly be attributed to an influx of baby boomers entering their golden years and longer life expectancy.
The latest census from Statistics Canada shows the number of Canadians aged 55 to 64 has surpassed Canadians aged 15 to 24 for the first time ever, and the number of people over 85 is expected to triple over the next 25 years.
To help stem the tide, the Canadian Securities Administrators (CSA) is calling on registered financial advisors to request clients provide a Trusted Contact Person (TCP) to contact if they have concerns about a client’s ability to make financial decisions, or if advisors suspect a client is being exploited.
