The Trusted Contact Person initiative has been adopted across Canada.
It is part of new regulatory measures to support advisors in their efforts to help investors, particularly older investors and vulnerable, protect themselves and their financial interests.
Canadian seniors are increasingly called upon to make complex financial decisions, with higher stakes, later in life than ever before. For many, health, mobility, or cognitive changes that can occur with age, may affect their ability to make these decisions. This can make seniors more susceptible to financial exploitation and fraud. In fact, about half of the victims of investment fraud are over age 55.