New FINRA Rules aim to protect victims of Financial Elder Abuse
FINRA, the Financial Industry Regulatory Authority, is planning to roll out a new set of rules aimed at curbing the financial abuse of elders, which has become an increasing problem in the last few decades. Theft, scams, and other financial abuse amounts to more than $1 billion taken from elders yearly in the U.S., and by instituting new rules and guidelines for financial institutions for protect their elder clients, they hope to provide a last line of defense for seniors. The roots of financial abuse can be complex and difficult to untangle, but by introducing a way to prevent the actual transfer of funds, it may be possible to dis-incentivize those who would harm seniors in this way.
How to Prevent Financial Elder Abuse
While the new FINRA rules aim to stop the major excesses of financial elder abuse, many types fly under the radar, particularly abuse by broker and financial institutions that push harmful products on seniors, and abuse by family members and “friends” who may try to influence seniors to leave them money in a will, or who live off a seniors savings. These types of abuse are far more likely to occur to elders who are isolated from close friend and family members who have their best interests at heart, and who are in a position to detect and prevent abuse before it become serious. In addition, being able to speak frankly about issues like powers of attorney for healthcare and finances, memory and cognition issues, and wills and trusts, well in advance of their being relevant, can be invaluable. It’s important to stay involved in seniors lives, and thus to keep it from getting to the point where FINRA has to step in to avoid fraud.
Sometimes, financial abuse occurs regardless of steps taken to prevent it, and it becomes important to get an attorney involved to recover funds and protect seniors from future abuses. The Evans Law Firm handles financial and physical elder abuse, annuity, insurance, and investment fraud, qui tam and whistleblower case, and healthcare fraud. We can be reached at (415) 441-8669, or by email at firstname.lastname@example.org.