The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) is encouraging residents to name a Trusted Contact Person (TCP) as part of World Elder Abuse Awareness Day, recognized globally on June 15.
A TCP is someone a person authorizes their registered financial advisor to contact in specific situations, such as if there are concerns about financial exploitation or cognitive decline.
"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," said Dean Murrison, executive director of securities at the FCAA. "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."
The FCAA says financial advisors may reach out to a TCP if they are unable to contact their client, suspect exploitation, need to confirm the client’s well-being, or require confirmation of a legal representative.
The agency recommends selecting someone who is trusted, capable of difficult conversations, familiar with the individual’s personal situation and support network, and not typically involved in financial decisions. Ideally, the TCP should not be the person’s financial power of attorney.
The guidance is part of a broader effort to help prevent financial abuse of older adults and protect vulnerable investors.
For more information, residents are encouraged to speak with their financial advisor or visit the FCAA website.