The Financial Consumer Agency of Canada (FCAC) announced July 25, 2019 that it will be monitoring banks to ensure they comply with the banking industry’s Code of Conduct for the Delivery of Banking Services to Seniors.
Banks who have signed on to the Code must abide by its principles. While it comes into effect Jan. 1, 2021, banks must abide by principles 5 and 6 effective immediately. These principles 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, says the agency.
"As Canadians live longer, some seniors may face challenges that impact their ability to bank,” says Werner Liedtke, Assistant Commissioner of FCAC. “This voluntary code of conduct marks an important first step in guiding banks in their delivery of products and services that meet the needs of seniors. FCAC will actively monitor banks' compliance with this code and ensure its principles are upheld."