Bill Passed to Help Protect Elder’s Against Financial Abuse
Legislation was finally approved by the House of Representatives to help protect advisers from liability when attempting to stop the exploit of senior citizens. The document ensures advisers who report the abuse to the appropriate regulators or law enforcement, will not held liable for violation of privacy laws. In addition, the bill addresses specified training for advisers to undergo which will help them identify elder financial abuse.
The vote on the house floor came shortly after the unanimous approval last month in the House Financial Services Committee. Sen. Susan Collins, R-Maine, wrote the legislation and urged state securities regulators to support the bill. She was optimistic that her bill would pass through the Senate later this year. In a statement from chief executive Dale Brown he said, “The Senior Safe Act is a big step forward in the prevention of elder financial abuse across the country.
Elder Financial Abuse and How Starr Austen Can Help
Starr Austen is very serious when it comes to taking advantage of elders. Let us protect you from greedy individuals. Most of our clients are retired individuals who have worked their entire lives to create their financial nest eggs. Our team of investment fraud lawyers will fight for the protection of investors and handle cases involving unsuitability, securities arbitration, misrepresentation, overconcentration, broker fraud, negligence and breach of trust.