Seniors Code


Home Bank values our senior customers and, as part of its commitment to support them, has adopted the Canadian Banker’s Association’s (CBA), voluntary Code of Conduct for the Delivery of Banking Services to Seniors.

The Code is based on seven principles that seek to identify and address the unique challenges that seniors may face when they access banking services.

Key among our commitments to seniors are:

  • Ease of access to all our products and services.
  • Reduction in the risks of financial harm from financial abuse and elder abuse.
  • Protection from risks that seniors may face through training of employees to identify and mitigate such risks.
  • Support for specific needs of seniors through provision of appropriate resources for employees to meet those needs.

This public report outlines the steps (details provided in the next section) Home Capital Group and its subsidiaries have taken to support the principles set out in the Code.

Details (Actions Taken)

The Company’s internal Seniors Code, which addresses the Principles of the CBA’s Code, was approved by the Executive Committee.

The internal Seniors Code addresses:

  • Employee and management roles and responsibilities.
  • Training of employees and representatives.
  • Identification of circumstances where seniors may require additional assistance with their banking activities.
  • Identification and escalation of incidents of suspected financial abuse and fraud of seniors.
  • Incorporation of the Code into the Company’s regulatory compliance management framework.

Home Bank has implemented measures to facilitate effective communication with seniors, such as:

  • Making customer communications available in formats that consider the needs of seniors.
  • Providing training to employees on formats and delivery channels that can be easily accessed by and are available to seniors.
  • Presenting information relevant to seniors in a consolidated location.

Home Bank trains employees on

  • Financial abuse, fraud and scams
  • CBA’s Commitment on Powers of Attorney and Joint Deposit Accounts
  • Available resources on matters relevant to seniors’ banking needs
  • Escalation processes for complaints and inquiries

Employees have access to training materials throughout the year and may escalate any concerns to members of management who have received additional training in the commitments set out in the Seniors Code.

Our Fraud Department provides periodic updates to business units on fraud trends affecting all customer, including those specifically targeting seniors.

Home Bank’s Seniors Champion works with Business Units to:

  • Identify and document indicators of potential financial harm to seniors.
  • Revise bank practices to improve the identification and prevention of financial harm to seniors.
  • Ensure that new products and services are reviewed for potential financial harm to seniors.

Although Principle 6 is not applicable to Home Bank because its products are offered through Oaken Financial’s retail locations, it will apply the spirit of the principle in any decision taken to close an Oaken retail location, or to withdraw its products from those locations.

Home Bank’s initial report on its implementation of the Seniors Code was published on May 15, 2021.

If you have any questions regarding this Report, or Home Bank’s practices with respect to serving our Senior customers, please contact us.