Seniors Code Report - 2022

Introduction

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)

1

PRINCIPLE:
BANKS WILL ESTABLISH AND IMPLEMENT APPROPRIATE POLICIES, PROCEDURES, AND PROCESSES TO SUPPORT THE CODE

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 and other policies and procedures address:

  • 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.
  • Continuous review of financial risks faced by seniors.
  • Monitoring of customer complaints and fraud claims to identify trends and typologies of issues related to seniors.
2

PRINCIPLE:
BANKS WILL COMMUNICATE EFFECTIVELY WITH SENIORS

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; this includes making employees available to provide live assistance to seniors to help with navigation of our online services.
  • 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.
  • Adherence to clear language principles to ensure that communications with all customers, including those directed towards seniors, are clear, simple and not misleading.
  • Our websites are developed in keeping with the Web Content Accessibility Guidelines (WCAG) 2.0 Level AA.
3

PRINCIPLE:
BANKS WILL PROVIDE APPROPRIATE TRAINING TO THEIR EMPLOYEES AND REPRESENTATIVES WHO SERVE SENIORS

Home Bank trains employees on

  • Detection and prevention of 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 reports of fraud, financial abuse or scams
4

PRINCIPLE:
BANKS WILL MAKE APPROPRIATE RESOURCES AVAILABLE TO CLIENT-FACING EMPLOYEES AND REPRESENTATIVES TO HELP THEM UNDERSTAND
MATTERS RELEVANT TO SENIORS’ BANKING NEEDS

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.

5

PRINCIPLE:
BANKS WILL ENDEAVOR TO MITIGATE POTENTIAL FINANCIAL HARM TO 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.
6

PRINCIPLE:
BANKS WILL TAKE INTO ACCOUNT MARKET DEMOGRAPHICS AND THE NEEDS OF SENIORS WHEN PROCEEDING WITH BRANCH CLOSURES

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.

7

PRINCIPLE:
BANKS WILL PUBLICLY DISCLOSE THE STEPS THEY HAVE TAKEN TO SUPPORT THE PRINCIPLES SET OUT IN THE CODE

Home Bank has published this 2022 Seniors Code Report to provide detail on the measures the bank takes to support seniors.

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