Senator Enlists Regulators to Help Pass Senior Financial Protection Bill
Last month, we posted a blog discussing a new program — Senior$afe — created by the Maine Council for Elder Abuse Prevention that would help individuals spot and report financial abuse of elderly investors. The Senior$afe initiative in Maine has been in place for some time now, and over 50 referrals have been reported to agencies regarding suspected elderly financial abuse. Now, Senator Susan Collins (R-ME) has called on the state’s securities regulators to help pass a new federal bill to make reporting of senior financial abuse easier.
The legislation being proposed would allow the employees of financial firms, as well as the firms themselves, to have liability protection if they report possible financial abuse of elderly investors to the proper agency. The bill has seven bipartisan cosponsors, but Senator Collins is looking for more support to ensure the bill can be passed by the Senate Banking Committee. The federal bill would allow all 50 states to place protections for firms and employees who report financial abuse and make the process work more efficiently and easier.
The North American Securities Administrators Association (NASAA) has also introduced new measures to combat elder abuse. It has recently approved a model rule to help protect seniors from financial abuse. This model is now being considered by individual state legislatures and is designed to protect vulnerable adults from financial exploitation by combining mandatory reporting requirements and immunity for reporting.
Learn more about the new bill and what it can do to help protect an elderly investor. If you’ve already been the victim of investment fraud or misconduct, contact our firm today.