Statement from Canadian Bankers Association on how institutions handle an aging client

The following is a statement from the Canadian Bankers Association about how institutions handle an aging client base:

“The CBA and its member banks are acutely aware of the growing population of its senior customers experiencing cognitive decline, including those suffering from dementia. Banks play an important role in raising awareness on this issue, including providing tips on what their clients can do to protect themselves from financial abuse in these circumstances.

“The CBA works with its member banks in developing information to help front-line staff identify financial abuse and lack of capacity issues with bank customers. Banks have internal training and guidance that help their employees watch out for and escalate internally potential financial abuse or fraud. These processes are designed to help their clients where there is suspected financial abuse.

“As part of its financial literacy efforts, the CBA has developed the Your Money Seniors seminar program targeted at Canadians who are retired or preparing for retirement.

“The non-commercial program delivered by bankers, includes three modules, one of which focuses on financial abuse with an emphasis on avoiding risks associated with Powers of Attorney and joint accounts. You can find more information about the program here: yourmoney.cba.ca/ seniors.

“Lastly, the CBA is a supporter of Dementia Friends Canada, an initiative to support the growing number of Canadians living with dementia.

“The initiative was launched by the Alzheimer Society of Canada with funding from the Public Health Agency of Canada.”