To mark World Elder Abuse Awareness Day (WEAAD), the Financial and Consumer Services Commission (the Commission) is encouraging all New Brunswickers, especially those working in the financial services industry or dealing directly with consumers, to learn more about the financial exploitation of older and vulnerable adults, how to prevent it and what to do if they see it happening.
“Industry professionals are in a unique position,” says Marissa Sollows, the Commission’s Director of Communication and Public Affairs. “Because of the interactions they have with their clients and the knowledge they acquire through the client relationship, they may pick up on signs of financial exploitation, vulnerability or diminished mental capacity, before anyone else.”
WEAAD is a global event marked each year on June 15 to shine a light on the sad reality of elder abuse and the many ways it affects seniors.
Last year, the Commission launched a free on-demand e-learning course to help educate New Brunswickers so they can protect against financial exploitation and financial abuse.
The course is intended for those working in the financial sector or dealing directly with consumers, caregivers, older adult support workers, older adults and their family and friends. It is designed to arm these groups with the tools and resources they need to feel empowered to recognize and protect against financial exploitation.
The course is free of charge and can be shared as an organizational-wide learning initiative. Key topics covered are:
- factors that increase vulnerability
- scams and schemes targeting older New Brunswickers
- red flags of financial exploitation and cognitive decline
Financial abuse is the most common form of abuse of older adults in Canada, according to the federal government. It is most often perpetrated by someone the victim knows and trusts, like a friend or family member and it has serious impacts on victims beyond just financial harm.
“We all have a role to play in stopping financial exploitation,” says Sollows. “Learning to be vigilant and aware of financial abuse and frauds is vital to protecting older and vulnerable adults. By working together, we are building a financially strong and safe New Brunswick.”
In addition to promoting the e-learning course to mark WEAAD, the Commission will share resources on social media throughout June to help New Brunswickers recognize the signs of financial exploitation and to encourage all New Brunswickers to have important financial discussions with the older adults in their lives. Visit Finances50Plus.FCNB.ca for more educational resources.
Audio files of Marissa Sollows, the Commission’s Director of Communications and Public Affairs
The Financial and Consumer Services Commission of New Brunswick has the mandate to provide regulatory services that protect the public interest while enhancing public confidence, and to promote understanding of the regulated sectors through educational programs. It is responsible for the administration and enforcement of financial and consumers services legislation for mortgage brokers, payday lenders, real estate, securities, insurance, pensions, credit unions, trust and loan companies, cooperatives, the unclaimed property program, and a wide range of other consumer legislation. It is a Crown corporation funded by the regulatory fees and assessments paid by the regulated sectors. Online educational tools and resources are available at www.fcnb.ca.