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Feb 20, 2018 by |

California and Marin County Financial Elder Abuse and Annuity Attorneys: New FINRA Rule On Financial Elder Abuse


New FINRA Rule to Prevent Financial Elder Abuse

Looking out for Seniors

The Financial Industry Regulatory Authority (FINRA) is the independent authority that governs the nation’s financial industry. Recently, FINRA has focused on the financial exploitation of seniors. A new FINRA rule, taking effect this month, requires that brokers make a reasonable effort to identify a trusted person who can be contacted if the broker is concerned that a client is suffering from diminished mental capacity or is the target of a scam. The California and marin County financial elder abuse attorneys at Evans Law Firm, Inc. applaud this additional safeguard against financial exploitation of seniors. If you or a loved one has been a victim of securities fraud or financial elder abuse, or are headed toward a FINRA arbitration with your broker or financial advisor, contact the California and Marin securities and financial elder abuse attorneys at the Evans Law Firm at (415) 441-8669, and we can help.  We handle securities fraud and financial elder abuse cases in Marin County and throughout California.

Under the new FINRA rule, the request for a trusted contact must be made at account openings for new clients and during account updates with existing clients.  The regulation also provides brokers with liability protection if they place a hold on disbursements from an account because they think their clients could be harmed. Brokers can place an initial hold on disbursements for 15 days and then extend it for another 10 days. If the client declines to provide a trusted contact, the broker does not have to keep pushing, according to FINRA guidelines.

California Mandated Reporters

FINRA members in California should already be up-to-speed on California’s mandated reporter rules in cases of suspected financial elder abuse. For example, California Welfare and Institutions Code section 15630.1, provides in pertinent part – “(a) As used in this section, “mandated reporter of suspected financial abuse of an elder or dependent adult” means “all officers and employees of financial institutions.”  Additionally, California also defines mandated reporter as “(a) Any person who has assumed full or intermittent responsibility for the care or custody of an elder or dependent adult, whether or not he or she receives compensation, including administrators, supervisors, and any licensed staff of a public or private facility that provides care or services for elder or dependent adults, or any elder or dependent adult care custodian, health practitioner, clergy member, or employee of a county adult protective services agency or a local law enforcement agency, is a mandated reporter.”  California leads the nation in protection of seniors against financial abuse and the broad definitions of mandated reporters are an important component of the State’s protection of seniors against fraud and abuse.

Contact Us

If you or a loved one has been a victim of securities fraud or financial elder abuse contact California and Marin County securities and financial elder abuse attorney Ingrid Evans and the other attorneys at the Evans Law Firm today at (415) 441-8669, or by email at <a href=”mailto:info@evanslaw.com”>info@evanslaw.com</a>. Our attorneys have experience with complex securities cases, FINRA arbitrations, and mediations; and complicated financial contracts and large insurance companies.  We can help guide your case through a jury trial, FINRA arbitration, or toward an equitable settlement.  We also handle cases involving physical and financial elder abuse, other types of qui tam and whistleblower cases, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.

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