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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

For seniors

  • 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

  1. Establish and implement appropriate policies, procedures, and processes to support the Code
  2. Communicate effectively with older Canadians
  3. Provide appropriate training to employees who serve older Canadians
  4. Make appropriate resources available to customer-facing employees and representatives to help them better understand the banking needs of older customers
  5. Endeavour to mitigate potential financial harm to older customers
  6. Take into account market demographics and the needs of older Canadians
  7. 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 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. With the Code in mind, Laurentian Bank has implemented a number of measures to help protect seniors from financial abuse, fraud and scams. We also continue to do our part by educating consumers so they can make smart and sound financial decisions.

Measures implemented:

  • Appointed a Seniors Champion, who actively participates in the implementation of the Code and who engages in matters affecting seniors, through internal and external corporate communications, participation in meetings, managing a dedicated email box and providing advice to team members. As at October 31st, the Senior Champion intervened in 6 cases of potential harm to senior customers.
  • Introduced and published new procedures 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.
  • Created a centralized repository of information for all employees where they can access all necessary resources to support our senior customers.
  • 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.
  • Our branch locations offer confidential spaces for seniors to conduct their banking in person. We also provide extra support for seniors who use our telebanking services.
  • Training activities have been planned and will be completed in 2021 for all team members to develop their skills and to ensure they are better equipped to serve our senior customers.

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.