Banks urged to help stop financial abuse of seniors
Proper training can help stop illegal exploitation right at the teller window: counsellor
By Darah Hansen, Vancouver Sun
November 14, 2008
Financial abuse of seniors quickly emerged as a hot topic Thursday as health-care experts, lawyers, academics and policy makers gathered in Vancouver for the fourth annual Canadian Elder Care conference.
But it was who was missing from the debate that generated the most comment among the estimated 150 international conference participants.
"So much of elder abuse is financial abuse and that involves the banks . . . and they're not here," said Graham Webb, a lawyer with the Toronto-based Advocacy Centre for the Elderly.
Margaret Easton of Westminster Savings Credit Union was the only voice representing financial institutions nationwide.
Easton, a counsellor in planning for elders, said her interests lie in educating people about seniors' rights related to the often complex and delicate negotiations around financial guardianship, and the creation of joint accounts.
Without adequate training, bank workers can increase seniors' vulnerability to the bad -- or, in some cases deliberately misleading -- advice of family members or caregivers.
It's a situation that can be corrected with proper education and motivation, Easton said. A recent U.S. survey found that 14 of the 22 leading indicators of financial abuse can be caught right at the bank teller window by an alert clerk.
© The Vancouver Sun 2008
Abridged
SOURCE: The Vancouver Sun
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