Elder abuse can take many forms, such as physical, psychological, sexual and/or financial. Appropriate safeguards need to be put in place to help protect vulnerable consumers (such as older people) when they obtain a financial service or conduct a financial transaction with a financial firm.
This document focuses on financial elder abuse, which is one of the most common forms of elder abuse. The scope of this approach relates mainly to financial elder abuse in banking transactions. We explore the challenges to identifying warning signs of financial elder abuse and discuss what is considered good industry practice when faced with such challenges. We also discuss how we assess complaints involving financial elder abuse and review common issues.
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