The idea of having a “trusted contact” on file, who can be consulted by an investment professional who suspects a client is being exploited or vulnerable, was supported by 93 per cent of 1,000 people surveyed for IIROC.IIROC is a private-sector body that shares responsibility for regulating about 160 Canadian investment dealers, including subsidiaries of the country’s major banks.
“And doing it right . . . means respecting privacy and not compromising that in a rush to do a simple answer.” He cites an estimate from the Canadian Association for Retired Persons that about one-in-five older Canadians are subject to elder financial abuse and notes that dementia may also reduce the abilities of people as they age.
In fact, he says, all of the issues are likely magnified when a client is uncomfortable or unfamiliar with the system and that’s one reason IIROC wants to tread carefully in conjunction with other Canadian regulatory bodies.They would include the CSA members and the Mutual Fund Dealers Association, another of the financial industry’s self-regulating organizations.