It aims to address the challenges in reporting and investigating suspected cases
The Financial and Consumer Services Commission (FCNB) has launched a public consultation of its efforts to prevent financial abuse amongst the aging population of New Brunswick.
FCNB said it needs help and suggestions in four key areas, starting with opportunities for legislative change that could potentially provide increased safeguards against financial abuse.
The regulator will also accept recommendations on how to address the challenges in reporting and investigating financial abuse of seniors. Inputs will also be welcomed in improving best practices for industry professionals who spot signs of financial abused.
Also read: Measures taken to protect seniors from financial exploitation
Lastly, FCNB will be needing recommendations on building a more collaborative approach between government departments and agencies to address the issue.
FCNB CEO Rick Hancox said this is part of the commission's mandate to protect consumers and improve the public confidence in the financial and consumer marketplaces. Hancox said this initiative is extremely important to seniors who make up almost 20% of the region's population.
"Sadly, we routinely hear stories of seniors who’ve been exploited financially. These stories are far too common, and we anticipate they could multiply with our ageing population," he said.
In a recent survey by the commission, it was revealed that 25% of adults claimed that they personally know a senior who has or may have been a victim of financial abuse. Despite this, 78% of those who knew of such abuse did not report it.
“We need to work together as a community to protect the seniors in our lives and engage in a discussion about senior financial abuse and how we can combat it. Our consultation paper will get the conversation started and help us develop a plan to guide the provincial government on legislation and issues affecting seniors,” he said.
Related stories:
When does a lack of ‘suitability’ equal financial abuse?
Panel supports investor-protection proposals
FCNB said it needs help and suggestions in four key areas, starting with opportunities for legislative change that could potentially provide increased safeguards against financial abuse.
The regulator will also accept recommendations on how to address the challenges in reporting and investigating financial abuse of seniors. Inputs will also be welcomed in improving best practices for industry professionals who spot signs of financial abused.
Also read: Measures taken to protect seniors from financial exploitation
Lastly, FCNB will be needing recommendations on building a more collaborative approach between government departments and agencies to address the issue.
FCNB CEO Rick Hancox said this is part of the commission's mandate to protect consumers and improve the public confidence in the financial and consumer marketplaces. Hancox said this initiative is extremely important to seniors who make up almost 20% of the region's population.
"Sadly, we routinely hear stories of seniors who’ve been exploited financially. These stories are far too common, and we anticipate they could multiply with our ageing population," he said.
In a recent survey by the commission, it was revealed that 25% of adults claimed that they personally know a senior who has or may have been a victim of financial abuse. Despite this, 78% of those who knew of such abuse did not report it.
“We need to work together as a community to protect the seniors in our lives and engage in a discussion about senior financial abuse and how we can combat it. Our consultation paper will get the conversation started and help us develop a plan to guide the provincial government on legislation and issues affecting seniors,” he said.
Related stories:
When does a lack of ‘suitability’ equal financial abuse?
Panel supports investor-protection proposals
