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Mar 8, 2019 by |

FINRA Probes Compliance With Elder Abuse Rules


FINRA Probes Compliance With Elder Abuse Rules

The Financial Industry Regulatory Authority (FINRA) has announced it will soon start investigating broker compliance with new rules meant to protect elderly clients from financial elder abuse.[1]  The rules allow broker-dealers to place a hold on elderly clients’ account disbursements if they have a reasonable belief the client is being financially abused.  The San Francisco financial elder abuse attorneys at Evans Law Firm, Inc. endorse the new rules and FINRA’s efforts at compliance.  We represent seniors financially exploited by caregivers, trustees, agents under Powers of Attorney, and others making unauthorized withdrawals from seniors’ accounts or exerting undue influence over a senior to withdraw fund.  If you or someone you know is over 60 and lives in California and is a victim of financial elder abuse, call us today at 415-441-8669. 

Suspicious withdrawals from a senior’s account are a real red flag of financial elder abuse. Brokers and registered financial representatives are in a good position to spot suspicious withdrawals much like bank tellers or officers who handle banking transactions for seniors.  But while unauthorized disbursements are a real problem for seniors, abusive transactions such as sales of unsuitable life insurance and annuities, abuse of Powers of Attorney, and other forms of financial fraud are huge risks for the elderly too.

To help prevent the financial exploitation of a senior loved one, here are some questions you should ask your senior loved one regularly:

    • Has a salesperson, such as an insurance agent or reverse mortgage broker, approached him or her recently? Agents and brokers target seniors with commission-generating products, like annuities, insurance and reverse mortgages. Has he or she been invited to any “free lunch” seminars? If so, warn them not to go! Those are traps for hard sells.
    • Has a caregiver come into their life who’s helping with bills and finances? This is a serious red flag.  Do not allow caregivers access to any financial information or cards, checks or cash.   If your loved one needs help paying bills/writing checks, get a professional fiduciary.  A caregiver’s responsibility should be strictly limited to care and never extend to finances, money or important legal documents. Never grant a caregiver a Power of Attorney over financial matters.
    • Does your loved one need help with investment decisions? Offer to help. The senior may be reluctant or embarrassed to ask for help even though they realize their ability to handle financial matters on their own is slipping.
    • Are bills being paid on time? Look around the house for unpaid bills. They may be piling up.
    • Has anyone approached the senior about managing his or her money? Financial advisors and “planners” target older persons. While professional help may be needed, use caution. Look for fee-based financial advisors and avoid any that earn commissions on sales to the senior.
    • Are there financial safeguards like Powers of Attorney or Living Trusts in place? Safeguards are really useful but only work if the appointed attorney-in-fact or trustee is a trusted, competent, responsible individual. And, again, never give a Power of Attorney to a caregiver.


Contact Us

If you or a loved one been the victim of financial elder abuse or annuity fraud in San Francisco or elsewhere in California, contact Ingrid M. Evans and the other Evans Law Firm annuity fraud attorneys at (415) 441-8669, or by email at <a href=””></a>. 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.

Annuities and life insurance produce large sales commissions for insurance agents and brokers but are often inappropriate products for consumers, especially seniors. Leading providers and distributors of life insurance and fixed, variable and fixed indexed deferred annuities in California are listed below.  We are not in any way suggesting that any of these carriers or distributors has done anything wrong.  Rather, the list is provided solely as a reference for our readers.

AIG/American General Life Insurance Company

Allianz Life Insurance Company of North America

American Equity Investment Life Insurance Company

American General Life Insurance Company/AIG

American National Life Insurance Company

Ameriprise Financial/RiverSource Life Insurance Company

Ameriprise Financial/Securities America, Inc.

Athene Annuity & Life Assurance Company

Athene Annuity and Life Company

Athene USA

Aviva Life Insurance Company

AXA Equitable Life Insurance Company/AXA US

Bankers Life Insurance and Casualty Company

Berkshire Hathaway Group

Berkshire Hathaway Life Insurance Company of Nebraska

Brighthouse Financial, Inc./MetLife

Citigroup Global Markets, Inc.

Crump Life Insurance Services, Inc.

CUNA Mutual Group/CMFG Life Insurance Company

Delaware Life Insurance Company

EquiTrust Life Insurance Company

Fidelity & Guaranty Life Insurance Company

Forethought Life Insurance Company/Global Atlantic Financial Group

Genworth Financial, Inc.

Genworth Life and Annuity Insurance Company

Genworth Life Insurance Company

Global Atlantic Financial Group/Forethought Life Insurance Company

Guardian Life Insurance Company

Guggenheim Partners/Security Benefit Life Insurance Company

ING USA Annuity and Life Insurance Company

Jackson National Life Insurance Company

John Hancock Life Insurance Company

Lincoln Benefit Life Company

Lincoln Financial Group

Massachusetts Mutual Life Insurance Company

Merrill Lynch Life Agency Inc.

Metlife/Metropolitan Life Insurance Company/Brighthouse Financial, Inc.

Minnesota Life Insurance Company

National Life Group

National Life Insurance Company/Equity Services, Inc.

National Western Life Insurance Company

Nationwide Life Insurance Company

New York Life Insurance Company

North American Company for Life and Health Insurance

Northwestern Mutual Investment Services, LLC

Northwestern Mutual Life Insurance Company

Northwestern Mutual Wealth Management Company

Oxford Life Insurance Company

Pacific Life Insurance Company

Principal Financial Group

Prudential Life Insurance Company

Raymond James Insurance Group

Reliance Standard Life Insurance Company/Tokio Marine Group

RiverSource Life Insurance Company/Ameriprise Financial

Securities America, Inc./Ameriprise Financial

Security Benefit Group, Inc.

Security Benefit Life Insurance Company/Guggenheim Partners

Security Investors, LLC

The Standard Life Insurance Company

Symetra Financial Corporation

Symetra Life Insurance Company

Transamerica Life Insurance Company

Unum Life Insurance Company of America

USAA Life Insurance Company

Voya/Reliastar Life Insurance Company

Wells Fargo Advisors

Western & Southern Financial Group

The Western & Southern Life Insurance Company

 World Financial Group Insurance Agency, Inc.

[1] We wrote about these new elder abuse rules as soon as FINRA released them.  You can read our analysis here:

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