The House of Representatives has passed a bill that would make it easier for financial advisors to report financial abuse of the elderly.  The Senior$afe Act of 2016 (H.R.4538) would protect financial institutions and advisors from legal liability if they disclose financial exploitation of senior citizens to a regulator.  An advisor would have to receive training on the identification and reporting of suspected elderly exploitation from their firm in order to be immune, the bill says.
The Financial Services Institute (FSI) issued a statement, praising the passage of the bill; the group expects it to pass in the Senate as well.  FSI worked with the House Financial Services Committee to get the legislation passed, and is currently seeking co-sponsors for the Senate version.  In June, the group took over 100 members to Capitol Hill to meet with lawmakers about the legislation.
SIFMA (Securities Industry and Financial Markets Association) sent a letter to the senators earlier this year in support of the legislation.  Seniors lose at least $2.9 billion a year to financial exploitation, according to a MetLife study cited by Ken Bentsen, president and CEO of SIFMA.
“We are working collaboratively with policymakers, academic experts, psychologists and other key stakeholders to better understand the risks to senior investors, and the role that firms and advisers can and should play,” Bentsen said, during a recent SIFMA event.
For text of the bill, see: https://www.congress.gov/bill/114th-congress/house-bill/4538/text
Contact our experienced Mississippi Elder Law Attorneys for further help on this and other issues by calling 601-987-3000 today.