Trusted Contact Person
A Trusted Contact Person serves as an emergency contact for financial matters in possible situations of financial abuse or fraud affecting your account. The Trusted Contact Person initiative is part of regulatory measures to support advisors in their efforts to help investors protect themselves and their financial interests.[1]
A Trusted Contact Person is not a power of attorney nor is the Trusted Contact Person permitted to direct trades or otherwise make financial decisions on your behalf.[1]
When would Trusted Contact Person be contacted?
There are specific circumstances where an advisor who might be concerned about a client can contact the client's Trusted Contact Person. They are:
- If your advisor needs to get in touch with you, but cannot after repeated attempts.
- If financial exploitation is suspected.
- If there are concerns about your ability to make financial decisions.
- To confirm your legal representative(s).
See also
References
- ^ a b "Your Trusted Contact Person and why they matter". GetSmarterAboutMoney.ca. April 19, 2024. Retrieved April 24, 2024.
Further reading
Financial Wisdom Forum topic: "Trusted Contact Person initiative"
External links
- Trusted Contact Person brochure, GetSmarterAboutMoney.ca
- Why You Should Consider Appointing a Trusted Contact Person, Canadian Investment Regulatory Organization (CIRO)
- YOU’RE MY TRUSTED CONTACT PERSON, Canadian Securities Administrators (CSA)