Seniors Code, Report from the Seniors Champion
The Code of Conduct for the Delivery of Banking Services to Seniors (the Code) was introduced in July 2019. Laurentian Bank adopted the Code which outlines 7 principles Canadian banks can follow to better serve and meet the needs of customers over the age of 60.
Products for various needs
We’re proud to offer banking plans and services to meet the broad and diverse needs of our customers. To learn more, visit www.laurentianbank.ca
- A no-fee plan with four transactions per month, for persons aged 65 or over.
- The 60 + Advantage program that offers discounts on three of our most popular banking plans, for persons aged 60 or over.
7 Principles of the Code
- Establish and implement appropriate policies, procedures, and processes to support the Code
- Communicate effectively with older Canadians
- Provide appropriate training to employees who serve older Canadians
- Make appropriate resources available to customer-facing employees and representatives to help them better understand the banking needs of older customers
- Endeavour to mitigate potential financial harm to older customers
- Take into account market demographics and the needs of older Canadians
- Publicly disclose the steps taken to support the principles set out in the Code
This Code requires that banks designate a Seniors Champion whose responsibilities include providing leadership in the implementation of the Code as well as promoting and raising awareness of matters affecting seniors. Banks must also publish a yearly report on the steps taken to support each principle of the Code and other steps taken to improve the delivery of banking services to seniors. You can find the principles and more details in the Canadian Bankers Association’s Code of Conduct for the Delivery of Banking Services to Seniors.
Implementing the Seniors Code at Laurentian Bank
Cultivating a “customer-first” culture is at the centre of everything Laurentian Bank does, and we believe that enhancing and simplifying our customer experience is key to meeting the needs of all our customers. We also focus on educating our customers so that they can make smart and sound financial decisions.
The Bank is in compliance with the Code having implemented the following measures:
- Appointed a Seniors Champion who actively participates in the implementation of the Code. An internal reporting process facilitates the transmission of potential cases of abuse, financial mistreatment, or fraud to the Seniors Champion who ensures rapid support to all team members. This specialized support service is continuously trained on new developments and new practices in this area. As of October 31, 2022, the Seniors Champion has intervened in 30 cases of potential harm to senior customers.
Made procedures available for team members, front-line representatives, and specialized units to be able to identify and escalate potential cases of financial abuse to the Seniors Champion. All procedures are available in a centralized repository of information for all employees. These procedures describe:
- The main indicators to quickly identify cases of financial mistreatment, abuse or fraud;
- The procedures to follow to be able to deal with these types of cases; and,
- The procedures to follow to report to the Seniors Champion all potential cases of abuse.
An annual review of these procedures allows us to ensure that we comply with the elements of the Code at all times.
To ensure information is easy to access and understand, we implemented a dedicated webpage for seniors and updated our Problem Resolution brochure to include the Seniors Champion as an escalation option for seniors.
This dedicated webpage presents all of the products and services offered to seniors, as well as access to tutorials on our electronic services or useful links. Seniors can also communicate directly with the Bank or the Seniors Champion from this page if specific needs arise, such as access to certain documents in specific formats.
- Understanding the specific needs of our senior clientele, our branch locations offer confidential spaces for seniors to meet with our advisors and receive extra support to use and access our range of digital services. Seniors can also request support at any time for all ATM transactions in our branch network.
All team members have received training to ensure they are best equipped to serve seniors. The training offered to employees covers the following topics:
- Identifying signs of potential financial abuse or financial mistreatment;
- Actions to be taken to deal with elderly customers who are victims of abuse or mistreatment;
- Procedures on how to report a case of potential harm or abuse;
- Types of fraud; and,
- Best practices to interact with seniors.
Our Continued Promise
Laurentian Bank recognizes the crucial contribution of seniors to our society and, in respecting their needs, we will strive to continuously improve how we deliver banking services to our senior customers.