Montréal – Today, on World Elder Abuse Awareness Day, the Autorité des marchés financiers (the “AMF”) reaffirmed its commitment to support the financial services industry in combating financial mistreatment by publishing a quick reference called Detecting financial mistreatment (pdf - 66 KB)This link will open in a new windowUpdated on 11 June 2020Financial mistreatment is often committed by a person a client trusts or relies on to take care of them or their finances.. This document adds another tool to the toolkit available to financial sector participants and complements the document Protecting vulnerable clients – A practical guide for the financial services industry(pdf - 688 KB)This link will open in a new windowUpdated on 3 June 2019A PRACTICAL GUIDE FOR THE FINANCIAL SERVICES INDUSTRY, PROTECTING VULNERABLE CLIENTS, which was published for the first time last year. The purpose of the quick reference is to help participants detect signs of mistreatment and validate them with their clients.
“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,” said AMF President and CEO Louis Morisset. “Protecting vulnerable consumers is everyone’s business.”
Industry participation in the fight
“Early detection can make a tangible difference for clients who are victims of financial mistreatment. 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. We are providing them with an additional tool, in a clear format, that covers many of the signs of potential financial mistreatment,” said Frédéric Pérodeau, Superintendent, Client Services and Distribution Oversight.
Fraud awareness geared to consumers
In addition to initiatives involving the industry, the AMF supports and develops initiatives aimed at consumers, including:
- Financial education webinars, which attract a large number of connected seniors
- Raising awareness on social media
- Increasing financial support for various organizations dedicated to helping consumers during the pandemic.
The quick reference and guide are two of a number of AMF initiatives aimed at combating the financial mistreatment of vulnerable persons and are the product of a commitment made in connection with the Governmental Action Plan to Counter Mistreatment of Older Adults 2017-2022This link will open in a new window .
The Autorité des marchés financiers is the regulatory and oversight body for Québec's financial sector.
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