NSSC Blog: Before You Invest

Proposed changes to securities regulations to enhance protections of older adults and vulnerable clients. Part 1: Trusted Contact Person

In March the Canadian Securities Administrators (CSA) published proposed amendments to enhance protections of older adults and vulnerable clients. These new proposed amendments initially had a comment period of 90 days. Due to the COVID-19 pandemic this comment period has been extended to July 20.  In this post and a following post next week we’ll highlight two aspects of the proposed amendments – trusted contact person and temporary holds.

Today is World Elder Abuse Awareness Day

First observed by the United Nations in 2012, World Elder Abuse Awareness Day recognizes that nearly every country across the globe will see a substantial growth in the number of older persons in the next decade. With the population of older persons increasing it unfortunately also leads to an increase in the amount of elder abuse.

Protect your loved ones from financial elder abuse

Age alone does not make someone vulnerable or susceptible to financial elder abuse. If you are the child, caregiver or friend of an older adult there are signs to watch for that may indicate someone is vulnerable to financial elder abuse, or that they may already be a victim.

Some of the warning signs that someone may be vulnerable to financial elder abuse include the following.

They are socially isolated, depressed or lonely

Protect yourself from financial elder abuse

Financial elder abuse is the most common form of elder abuse. As our population continues to get older elder abuse is becoming more common. This may be a major problem in Nova Scotia where the percentage of the population over 65 is greater than the percentage of the population under 15 for the first time ever.

If you are an older adult, or will soon be an older adult, there are ways you can protect yourself and your money from financial elder abuse.

June is Seniors Month

June is Seniors Month. On the Nova Scotia Securities Commission website, you can find all of our investor education materials and information for seniors in one place – nssc.novascotia.ca/seniors

On this webpage you’ll find basic investing information on a variety of topics including, investment accounts, investment fees, registration, investment risk, financial elder abuse, and more.

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