New rules have been put in place to protect seniors with brokerage accounts from financial scams that could drain the accounts before anyone notices. As the population ages, elder financial abuse is a mounting problem...more
A pair of FINRA Rule revisions designed to protect seniors from financial exploitation become effective February 5. The Rules require member firms to obtain “Trusted Contact Person” information and impose short...more
Financial exploitation of aging and mentally diminished investors by family members and third parties is on the rise. With America's senior population growing rapidly, this problem may only get worse. More than half of all...more
Regulators Demand Third-Party Risk Management - While third-party risk management has been a required component of an effective enterprise risk management program for many years, the topic is receiving elevated attention...more
The SEC recently approved FINRA’s proposed rule aimed at preventing fraud and abuse of senior investors. On March 30, FINRA issued Regulatory Notice 17-11, setting the effective date for the new rule as February 5, 2018. The...more
The SEC recently approved an amendment to FINRA Rule 4512 that requires FINRA members to make reasonable efforts to obtain, from each customer for whom they maintain an account, specified information about a “trusted contact...more