House passes bill to protect advisers reporting elder financial abuse

The bill also addresses training for advisers on how to spot elder financial abuse.
AUG 04, 2016
The House of Representatives Tuesday night unanimously approved legislation that would protect financial advisers from liability when they try to stop the financial exploitation of seniors. The measure, the Senior Safe Act, passed the House, passed the House on a voice vote. It ensures that advisers who report elder financial abuse to federal or state securities regulators, law enforcement, adult protective services or other appropriate agencies are not held liable for violating privacy laws. The bill also addresses training for advisers on how to spot elder financial abuse. The vote on the House floor follows unanimous approval last month in the House Financial Services Committee. The House bill was based on legislation written by Sen. Susan Collins, R-Maine. In May, she urged state securities regulators to build support for the bill. She was optimistic that with more backing, it could get through the Senate later this year. The Financial Services Institute sent more than 100 members to Capitol Hill in June to advocate for the House and Senate legislation. “While Washington has been gridlocked for a long time, I'm very pleased that the House was able to pass this critical legislation, and I am hopeful the Senate will quickly follow suit,” FSI president and chief executive Dale Brown said in a statement. “The Senior Safe Act is a big step forward in the prevention of elder financial abuse across the country.” Last week, laws went into effect in three states that mandate and provide safe harbor for adviser reporting of elder financial abuse.

Latest News

Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale
Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale

RIA aggregator adds $4.8 billion in client assets across seven states as demand grows for alternatives to traditional succession models.

Beyond wealth management: Why the future of advice is becoming more human
Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

Shareholder sues FS KKR Capital board, alleges NAV and dividend cover-up
Shareholder sues FS KKR Capital board, alleges NAV and dividend cover-up

Shareholder targets FS KKR Capital's directors over alleged portfolio valuation and dividend missteps.

UBS loses $1.2 million arbitration claim linked to variable annuities and margin
UBS loses $1.2 million arbitration claim linked to variable annuities and margin

UBS has a history of costly litigation stemming from the sale of volatile investment products.

'We are monitoring the situation,' SEC says of private funds
'We are monitoring the situation,' SEC says of private funds

New director David Woodcock puts firms on notice over fees, conflicts, and liquidity risk as private credit shows signs of stress.

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

SPONSORED Durability over scale: What actually defines a great advisory firm

Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline