Financial Services Firms Resources

Protecting Senior Investors: Compliance, Supervisory and Other Practices Used By Financial Services Firms in Serving Senior Investors - 2010 Addendum

An addendum to a report by the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations, North American Securities Administrators Association, and Financial Industry Regulatory Authority.

This report addendum adds to a 2008 report that identified examples of financial services firms' practices regarding their interactions with senior investors.  

Protecting Senior Investors: Compliance, Supervisory and Other Practices Used By Financial Services Firms in Serving Senior Investors

A report by the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations, North American Securities Administrators Association, and Financial Industry Regulatory Authority.

This 2008 report identified practices from financial services firms regarding their interactions with senior investors.  

Inter-agency Guidance on Privacy Laws and Reporting Financial Abuse of Older Adults

Guidance for financial firms from the Board of Governors of the Federal Reserve System and other government agencies.

This guidance issued in 2013 clarifies that reporting suspected financial abuse of older adults to appropriate local, state, or federal agencies does not, in general, violate the privacy provisions of the Gramm-Leach-Bliley Act or its implementing regulations.

Report on the FINRA Securities Helpline for Seniors™

A report from FINRA on its Securities Helpline for Seniors (HELPTM)

This year-end 2015 report provides an overview of the Helpline’s operation since its April launch, describes how the Helpline works and complements FINRA’s broader regulatory programs, and highlights situations where the Helpline has made an impact on the lives of older investors. The report includes effective practices that firms should consider.

Regulatory Notice 11-52, Senior Designations: FINRA Reminds Firms of Their Obligations Regarding the Supervision of Registered Persons Using Senior Designations

A regulatory notice published by the Financial Industry Regulatory Authority (FINRA).

This notice seeks to remind firms of their supervisory obligations regarding the use of certifications and designations that imply expertise, certification, training, or specialty in advising senior investors (senior designations). 

Regulatory Notice 07-43, Senior Investors: FINRA Reminds Firms of Their Obligations Relating to Senior Investors and Highlights Industry Practices to Serve these Customers

A regulatory notice published by the Financial Industry Regulatory Authority (FINRA).

This notice is intended to urge firms to review and, where warranted, enhance their policies and procedures for complying with FINRA sales practice rules, as well as other applicable laws, regulations and ethical principles, in light of the special issues that are common to many senior investors. 

Senior Designations for Financial Advisers: Reducing Consumer Confusion and Risks 

A report by the Consumer Financial Protection Bureau.

In this report, the Bureau’s Office for Older Americans outlines observations regarding the use of “senior designations” by financial professionals and outlines policy recommendations for protecting consumers and reducing confusion over the use of these designations. 

Elder Justice: Federal Government Has Taken Some Steps But Could Do More to Combat Elder Financial Exploitation

Testimony on behalf of the U.S. Government Accountability Office (GAO) before the U.S. House Committee on Energy and Commerce's Subcommittee on Commerce, Manufacturing, and Trade. 

This testimony outlines findings from the GAO regarding ways the federal government is, or could be, supporting state and local efforts to combat elder financial exploitation.

Protecting Senior Investors: Report on Examinations of Securities Firms Providing "Free Lunch" Sales Seminars

A report by the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations, North American Securities Administrators Association, and Financial Industry Regulatory Authority.

This report summarizes the results of 110 broker-dealer examinations conducted between April 2006 and June 2007. 

Retirement Income Planning and the Elder Market

A research report by the Insured Retirement Institute. 

This exclusive research report from the Insured Retirement Institute explores the challenges advisors face in conveying pertinent information to older clients, a market segment that is growing in both number and net worth. The report also found that social and family issues take on a greater importance for older investors, often including a variety of aspects related to lifestyle changes in retirement and the participation of family members and others in the decision-making process.  

Protecting Older Investors: The Challenge of Diminished Capacity

A research report by the AARP Public Policy Institute.  

This research report focuses on the challenges of diminished financial capacity and their implications for the financial services industry. It also outlines industry protocols and practices for managing issues regarding diminished capacity.

Diminished Capacity: What Every Financial Services Professional Should Know

A tip sheet for financial advisors from the National Adult Protective Services Association (NAPSA) and posted on the SEC website. 

Did you know that 80 percent of perpetrators of elder abuse are family members or someone in a relationship with the victim? This sheet outlines the facts all financial professionals should know about diminished capacity and financial exploitation.
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