Insurance Securities Organization
Montréal – The Autorité des marchés financiers(the “AMF”) today released A practical guide for the financial services industry – Protecting vulnerable clients as part of the 5th edition of the Forum of Partners to Counter the Mistreatment of Older Adults. The guide proposes possible courses of action to protect clients whose circumstances make them vulnerable or assist them in dealing with situations affecting their financial well-being. The AMF is asking for the financial services industry’s help and highlighting the important role the industry can play in combating the financial mistreatment of vulnerable people.
“Protecting vulnerable people is everyone’s business. The regulator and the industry can contribute significantly to the protection of their financial well-being. The AMF wants to play a leading role in combating the financial mistreatment of vulnerable people and is therefore providing the industry with a practical tool to help it prevent, detect and intervene in cases of financial mistreatment,” said Louis Morisset, AMF President and CEO.
A toolbox for industry members
The guide suggests various tools and practices to prevent situations that could jeopardize the financial well-being of clients. Vulnerable clients are sometimes unable to properly assess the consequences of a decision or situation and may therefore need someone to make them aware of, and assist them in protecting themselves from, those consequences. The guide was drafted by the AMF with the help of several partners active in the fight against financial mistreatment.
Combating the mistreatment of people who are in vulnerable situations
The guide is one of various AMF initiatives aimed at combating the mistreatment of people who are in vulnerable situations. It is also the result of a commitment made in the Governmental Action Plan to Counter Mistreatment of Older Adults 2017-2022.
The Autorité des marchés financiersis the regulatory and oversight body for Québec’s financial sector.
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