Who is a Trusted Contact Person?

Who is a Trusted Contact Person? 

Goparity will ask you about adding a Trusted Contact Person to your account. You are encouraged to choose someone you trust and who knows you well. 

You will be prompted to add a Trusted Contact Person during the Goparity onboarding process. If you agree, your dealing representative will ask you to provide contact details so they can reach your Trusted Contact Person. You will also be asked to provide written consent for the dealing representative to reach out to the Trusted Contact Person in specified circumstances. Your dealing representative may be well positioned to notice warning signs if you are not acting like yourself or if they suspect you’re being financially exploited. 

The Trusted Contact Person initiative is part of regulatory measures to support dealing representatives in their efforts to help protect investors and their financial interests. 

When would your dealing representative call your Trusted Contact Person? 

Your dealing representative can only contact your Trusted Contact Person based on the written consent you give to the dealing representative. Generally speaking, the consent you will be asked to provide will include the following circumstances: 

• Where your dealing representative suspects you are being financially exploited. 

• Where your dealing representative has concerns about your mental capacity as it relates to your ability to make financial decisions. 

• To confirm your contact information if your dealing representative is unable to contact you after repeated attempts and where failure to contact you would be unusual. 

• To confirm the name and contact information of a legal guardian, executor, trustee, an attorney under a power of attorney (POA) or any other legal representative. 

Depending on your written authorization and circumstances, a dealing representative may contact your Trusted Contact Person to discuss: 

• Your current whereabouts if they haven’t been able to contact you directly. 

• Concerns that suggest you may be a target of a fraud or scam. 

• Concerns about changes to your mental capacity to make financial decisions. 

• Signs of suspected financial mistreatment observed in dealings with you or with your power of attorney. 

Your Trusted Contact Person is a resource that may assist your dealing representative to help protect your financial well-being.  

 

Your Trusted Contact Person is simply someone who provides another layer of protection to your accounts. They can’t make transactions, don’t have access to your account, don’t make decisions on your behalf, and are not your legal representative or guardian. 

 

How is this different than a power of attorney? 

Unlike a power of attorney, a Trusted Contact Person does not have authority to make decisions on your account. Instead, your Trusted Contact Person can act as a resource for your dealing representative if they’re having a hard time getting in touch with you. Or, if your dealing representative suspects that you’re being financially exploited, or has concerns about your ability to make financial decisions.  

With a power of attorney, you can authorize another person to act on your behalf to carry out specific actions, such as paying your expenses, or to manage your finances generally. A Trusted Contact Person does not have authority over your accounts and therefore is not permitted to direct trades, have access to your accounts or otherwise make financial decisions on your behalf. 

While you can choose to appoint your power of attorney as your Trusted Contact Person, it is recommended that you choose someone who is not involved in your financial decision-making process, to add that second layer of protection for your account. 

For more information on adding a Trusted Contact Person, please visit www.getsmarteraboutmoney.ca or reach out to your dealing representative directly at compliance-ca@goparity.com.  

For a copy of our TCP template click here