July 25, 2019
Today, the banking industry adopted a Code of Conduct for the Delivery of Banking Services to Seniors (the code). The Financial Consumer Agency of Canada (FCAC) will monitor banks to ensure they comply with the code.
The code is an important first step in guiding banks in their delivery of services to meet the needs of seniors. Banks who have signed on to the code must abide by its principles.
The code will come into effect by January 1, 2021. However, effective immediately, banks must abide by principles 5 and 6, which will require them to mitigate potential financial harm to seniors and take into account market demographics and the needs of seniors when proceeding with branch closures.
Should FCAC find that a bank has breached a voluntary code, it will take appropriate action as outlined in its Supervision Framework.
FCAC will continue to engage with seniors’ groups, financial institutions and other public, private, not for profit and academic sector stakeholders on specific issues related to seniors and banking.