ATTORNEY NEWSLETTER

FINRA Puts the Onus on Financial Advisors to Fight Elder Abuse

Financial Elder Abuse

Financial elder abuse is a crime that does not seem to be slowing down, and it is causing intense financial burden on those individuals affected. Regulatory agencies such as the Financial Industry Regulatory Authority (“FINRA”) understand the severity of this problem, and have put new regulations in place to counteract this devastating crime. FINRA is the internal governing authority for the nation’s securities markets and financial industry; all FINRA rules and regulations affect thousands of financial advisors, brokers, agents and banking and insurance officers. Any step FINRA takes against financial elder abuse is broad.

The Job Of Financial Advisors Per FINRA

Most recently, FINRA asked financial advisors to begin fighting this problem, as nearly 2/3 of all financial investments are owned by individuals 50 years of age or older. FINRA instructed financial advisors to monitor their accounts more closely and identify more quickly accounts that may be compromised by fraud. In doing this, financial advisors have the right to freeze accounts if there is reason to believe financial exploitation is occurring on the account. FINRA also asks financial advisors to collect the name and contact information of a trusted individual in the customer’s life so that, in the event of a problem, they can be contacted right away with any concern of potential fraud.

What This Means

We hope that this regulation, which will go into effect in February 2018, will help to protect our seniors in Alameda County and beyond. It is important to us at Evans Law Firm that financial elder abuse become a crime of the past, and we believe that regulations such as these help in that constant fight.

Contact Us

If you or a loved one been the victim of financial elder abuse in Alameda County, or in any California county, contact the Evans Law Firm financial elder abuse attorneys at (415) 441-8669, or by email at info@evanslaw.com. Our attorneys have experience with complex financial contracts and large insurance companies. We can help guide your case through a jury trial or toward an equitable settlement. We handle cases involving physical and financial elder abuse, qui tam and whistleblower law, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.