One of the watchdogs for Canada’s investment industry says it’s working towards creating regulatory safeguards for clients who may be targets of financial exploitation, particularly seniors.
The Investment Industry Regulatory Organization of Canada says a survey done for IIROC found wide public support for having tools and rules in place to protect vulnerable clients.
The idea of having a “trusted contact” on file, who can be consulted by an investment professional who suspects a client is being exploited or vulnerable, was supported by 93 per cent of 1,000 people surveyed for IIROC.
Residents at a downtown seniors’ home have been told they will need to find somewhere else to live, two months after the building was sold to a numbered company connected to a Toronto real estate development lawyer.
Davenhill Senior Living, a not-for-profit home located at 877 Yonge St. in Toronto’s Rosedale neighbourhood, will be shuttered by the end of this year.
In a July 3 letter to residents, Dan Tomlinson, chair of Davenhill’s board of directors, said the decision was made “only after it became clear that closure of the facility is inevitable and that the only question was how much control we would have over the timing.”
The letter did not specify why the building was closing, but it has left residents like Anne Washington concerned about relocating, amid limited assisted-living options.
“Seniors’ accommodation in downtown Toronto is as scarce as hen’s teeth,” the 87-year-old retired teacher told The Globe and Mail. Ms. Washington lived alone in an east-end apartment for about 40 years before coming to Davenhill about two months ago.
“Moving was a bit disconcerting. Moving again, I am up in arms, trying to say, ‘You can’t do this,’” she said, adding, “I don’t want to move into a new facility. I’m just getting used to this one.”
Davenhill is home to about 150 people, some with varying levels of mobility and requiring wheelchairs. The nonprofit has hired relocation consultants to help seniors find new accommodation, tour prospective residences, pack and move at no cost to them.