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Engaging with Older and Vulnerable Clients in the Emerging Regulatory Landscape in Canada
Presented by: Raphael Tachie, Gowling WLG
Elder financial exploitation has increasingly become a dominant area of focus for federal, provincial and territorial governments and several regulators. For example, the FCAC and the Canadian Bankers Association adopted a new Seniors' Code on July 26, 2019 that places responsibility on Canadian Banks to formalize their approach to dealing with Canada's seniors and help address or prevent elder financial abuse. Similarly in 2019, the Canadian Securities Administrators (CSA) also introduced guidelines for registrants to implement in order to protect vulnerable investors from fraud and financial abuse. The CSA followed the guidance in 2020 by issuing a notice and request for comment regarding "Proposed Amendments to National Instrument 31-103 - Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) and Companion Policy (CP 31-103) to Enhance Protection of Older and Vulnerable Clients."
This presentation will review the emerging legislative and regulatory landscape relating to the treatment of older and vulnerable clients and explore some ideas about how advisors and gift planners may deal with older and vulnerable clients in the new landscape.
