REGINA — June 15 is World Elder Abuse Awareness Day, and the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) is encouraging all Saskatchewan residents to consider naming a Trusted Contact Person (TCP) and providing it to their registered financial advisor.
This can help protect their financial assets in the future.
"A health crisis can happen at any time, leaving a person vulnerable to financial exploitation or issues that might affect their capacity to make financial decisions," FCAA Executive Director of Securities Dean Murrison said.
"Naming a Trusted Contact Person can provide you with peace of mind knowing your registered financial advisor has someone you trust that they can contact if required."
A TCP is someone you authorize your registered financial advisor to contact in certain circumstances. It lets your registered financial advisor know who you trust and who they have permission to contact if required.
If you have a TCP, your registered financial advisor may need to contact them if:
- they are having difficulty contacting you;
- they are concerned you are vulnerable and being financially exploited;
- you have a health issue and they need to confirm your wellbeing; or
- they need confirmation of your legal representative(s).
A TCP should be someone you trust and someone who is capable of handling difficult conversations about your personal situation. Consider choosing someone who:
- will protect your interests;
- will be comfortable talking to your registered financial advisor;
- knows you well enough to notice changes in your personal situation;
- is familiar with your support network;
- agrees to take on the role; and
- is typically not involved in your financial decisions, and preferably, is not your Financial Power of Attorney.
More information about naming a TCP can be found on the FCAA website at:
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If a senior has faced financial exploitation or if fraud has occurred, contact local police, the and the Securities Division of the FCAA at 306-787-5645 or [email protected].
For more information about senior financial abuse and tips for family members and caregivers visit:
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