All About Estates

“If You See Something, Say Something”*

Do you have a ‘TCP’? While I am not a fan of using acronyms, ‘TCP’I is one you want to know.  It is shortform for ‘Trusted Contact Person’.

The Canadian Securities Administrators (CSA) announced July 15 that regulators are adopting amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, which require advisors to collect the name and contact information of a trusted contact person (TCP), along with the client’s written consent to contact the TCP in prescribed circumstances.

The amendments also clarify that registered firms and individuals are not prohibited from placing a temporary hold on the purchase or sale of a security on behalf of a client on the withdrawal or transfer of cash or securities from a client’s account when the individual or firm believes the client is being exploited or lacks the mental capacity to make financial decisions.”

This is an important decision designed to safeguard the financial wellbeing of vulnerable seniors.   A ‘trusted contact person’ is someone whose name is provided to the investment advisor/counsellor/financial organization by the client and permission obtained for the financial institution to call this TCP under certain conditions. While I am not fully aware of the specific conditions outlined that would trigger calling the TCP, it is related to the protection of the client who appears to be at risk of financial fraud.

Many vulnerable seniors are taken advantage of by their own family members.

In addition to the TCP, the Canadian Securities Administrators  have encouraged Canadians to:

  • “Talk about their financial matters with them;
  • Learn to recognize and avoid investment scams;
  • Investigate every investment opportunity or sales pitch, as well as the person promoting the investment, before putting money in it;
  • Consider seeking independent, third-party advice; and
  • Report investment fraud to the securities regulator in their province or territory.”

I have advocated for some time that trust companies that hold the attorney for property for their client should request that their client also provide the name of their attorney for personal care.  I have shared through these blogs several examples of what can go wrong without it; most recently with my client who needed the authority of the OPGT to decide if she could be discharged home or not from the hospital. The issue of course of outliving one’s attorney for personal care or TCP remains.

I am not sure what authority the TCP will have however it will hopefully go a long way in helping financial organizations/advisors/counsellors stopping potential financial abuse before the money is withdrawn from the account.

Think about who you can trust, who knows you and who your financial organization can contact, if they are concerned that you may be the victim of financial fraud.






About Audrey Miller
About: Audrey Miller, Managing Director of Elder Caring Inc. has over 30 years social work and rehabilitation experience working with older individuals and their families. She advises the financial, insurance, legal and business communities regarding elder care issues. Audrey is a recognized expert in her field. Email:


Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.