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The regulators encourage Canadians to fight against the financial abuse of elders



June 14, 2019 11:30

The canadian securities administrators (CSA) are encouraging Canadians to become aware of the warning signs of financial abuse of the elderly in the framework of the world Day of awareness of elder abuse, which takes place on June 15, 2019.

Using a variety of resources and online activities across Canada, the CSA, their members and other groups focused on the elderly highlight the problem and the need to recognize, report, and put an end to the financial exploitation of the elderly.

“To recognize and stop financial exploitation of elders, there must first be awareness, supports Louis Morisset, president of the CSA and president and ceo of theAutorité des marchés financiers. Given the growth in the number of older persons, the protection of this segment of the population, who may be more vulnerable to financial exploitation and fraud, is more important than ever. “

Talk about it with loved ones

According to the CSA, Canadians can help prevent the financial exploitation of older persons, including by addressing the financial issues with their parents and friends and learning to recognize and avoid scams in investment. The CSA website provides information and resources on the prevention of fraud.

The regulators have also urged Canadians to examine every investment opportunity or sales pitch, as well as the person who promoted it before handing over money. “In case of doubt about an investment, consider asking for the advice of an independent third party,” explain the CSA.

The regulators have also urged Canadians to report fraud cases to their regulatory body of securities provincial or territorial. Report scams potential can help prevent other seniors from becoming victims of investment fraud, indicate for the CSA.

“A serious problem”

“The abuse of elders is a serious problem, said Mr Morisset. The elderly are particularly vulnerable, and the isolation, cognitive decline, and fear are all major obstacles that may prevent them from seeking and getting help. All Canadians have a role to play in raising the awareness of the financial abuse and its prevention when it is possible to do so. “

The international Network of prevention of elder abuse launched the world Day of awareness of elder abuse in 2006.

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