Retirement Planning

New FINRA Rules Protect Older Investors

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Two new FINRA rules protect older investors from financial exploitation. FINRA, the Financial Industry Regulatory Authority, regulates brokerage firms that do business with U.S. investors. To abide by the new rules, firms are now required to make reasonable efforts to get the name and contact information of a trusted contact person for a customer’s account. At the same time, If a FINRA member firm has reasonable belief an investor is being financially exploited, they will be able to place a temporary hold on a disbursement of funds or securities and notify the trusted contact of the hold. FINRA officials say financial exploitation is a growing problem and protecting senior investors is a top priority.

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