FCAC protects financial consumers

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Presentation transcript:

FCAC protects financial consumers Supervises responsible market conduct by federal financial entities Promotes awareness of consumer rights and responsibilities Empowers consumers through financial literacy

Seniors financial literacy strategy 1 3 Empower seniors with tools and skills to manage their finances Support Canadians to plan earlier for retirement Improve understanding of government benefits for seniors Promote tools to combat fraud and financial abuse 2 4

5 key elements of IIROC’s Guidance Powers of attorney Effective communication Investment portfolio suitability assessment Preventing/detecting financial exploitation Detecting/addressing diminished mental capacity

FCAC website: ItPaysToKnow.gc.ca

Useful Best Practices Train and educate representatives Establish internal process for escalation Encourage clients to prepare for retirement Ensure appropriate advertising & sales literature

Useful Best Practices Obtain KYC information throughout relationship Ensure suitability of investments Conduct supervision/compliance reviews

IIROC website: www.iiroc.ca Guidance for dealing with seniors IIROC resources for investors: www.iiroc.ca/investors Seniors’ Bulletin Seniors’ web page Advisor Check database And more…