Code of Conduct for Delivery of Banking Services to Seniors (the code) — July 26, 2019

Code of Conduct for Delivery of Banking Services to Seniors (the code)

July 26, 2019

I want to take a moment and advise seniors in the Yellowhead riding, especially those with health, mobility or cognitive changes that may impact their ability to bank, that the Financial Consumer Agency of Canada (FCAC) will monitor banks to ensure that they comply with the code.  The Code applies to banks operating under the Bank Act which are also member banks of the Canadian Bankers Association (CBA). This voluntary code of conduct (the Code) sets out principles that apply to banks to guide them when they deliver banking products and services to Canada’s seniors.

The Code recognizes that seniors are a diverse group, and that seniors’ privacy, decisions and presumption of capacity must be respected. For purposes of the Code, a senior refers to an individual in Canada who is 60 years of age or older and who is transacting for non-business purposes. Banks will consolidate information relevant to seniors. This includes resources and information required under the CBA’s Commitment on Powers of Attorney and Joint Deposit Accounts and information on accessibility options. Banks that offer duplicate statements and/or read-only accounts will inform seniors that these options are available as part of this consolidated information.

The code will come into effect by January 1, 2021.

For more information please see link below:

https://www.canada.ca/en/financial-consumer-agency/programs/research/highlights-survey-banking-of-canadians.html

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