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The finances of seniors will be better protected

by

Charles Mathieu

July 29, 2019 11:30

Photo : Freepik

TheAgency of the financial consumer of Canada (FCAC) ensures compliance with the new Code of conduct for the provision of banking services to seniors, designed to meet the changing needs of the aging population in the area of financial services. The whole was adopted on the 25th of July last, and will enter into force on January 1, 2021.

However, as of today, banks must mitigate “the financial harm, potential for elders” and ” take into account the demographics of the market and needs of the elders when they come to the closing of branches “.

The code has been drawn up following consultations with groups of elders, banks and other stakeholders, as called for in the economic Statement of the federal minister of Finance, Bill Morneau, published last fall .

“Our government is committed to making banking safer for elders. In the framework of this commitment, we have requested the creation of a code of conduct to guide the banks in the way they provide banking products and services to seniors. The code will help us ensure that the experience of the elders with the banks is positive and tailored to their needs, ” says Filomena Tassi, minister of Seniors of Canada.

Note that, earlier in the month, theOmbudsman for banking services and investments (OBSI) noted in its Report on the seniors persons aged 60 years and over were more likely to complain about the services they receive.

A “voluntary code”

The RAC has established a monitoring framework so that banks comply with the voluntary code. If there is a violation, the Agency will “take appropriate measures” described in the framework.

“Voluntary codes are commitments that banks make to their customers. They describe the obligations that the industries undertake to comply with. They also clarify key issues, and encourage the financial institutions under federal regulations to behave in a way that benefits them and that benefits the consumer, ” says FCAC.

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