AMF encourages firms to fight elder abuse

The Autorité des marchés financiers (AMF) is seeking to enlist the financial industry in the fight against elder financial abuse.

In anticipation of World Elder Abuse Awareness Day on June 15, the AMF published a checklist for industry firms on detecting financial abuse, as part of its commitment to support the industry in combating mistreatment of vulnerable investors.

“Early detection can make a tangible difference for clients who are victims of financial mistreatment,” said Frédéric Pérodeau, superintendent, client services and distribution oversight, at the AMF.

“That is why the AMF is asking financial sector participants for help and insisting on the important role they can play in combating this problem,” he said. “We are providing them with an additional tool, in a clear format, that covers many of the signs of potential financial mistreatment.”

Louis Morisset, president and CEO of the AMF, and chair of the Canadian Securities Administrators, said, “The regulator and the industry can contribute significantly to protecting the financial well-being of vulnerable consumers.”

“The AMF is firmly committed to supporting the industry in this fight,” Morisset said. “Protecting vulnerable consumers is everyone’s business.”

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.