Regulatory Alerts2019-06-21
CSA Staff Notice 31-354: Suggested Practices for Engaging with Older or Vulnerable Clients
The Canadian Securities Administrators issued this notice to provide registered firms with suggested practices for addressing the needs of older or vulnerable clients, including identifying diminished mental capacity and financial exploitation. The document outlines specific red flags for cognitive decline and abuse, while advising registrants to enhance Know Your Client procedures, implement heightened supervisory reviews, and establish robust policies for powers of attorney. It further recommends developing employee training programs, identifying trusted contact persons, and creating clear protocols for escalating and reporting suspected exploitation to appropriate authorities.
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