Senator Makes New Push for Senior Safe Act

The program, pioneered by Maine Securities Administrator Judith Shaw, also serves as the template for a model rule developed for adoption at the state level by the North American Securities Administrators Association.

The Financial Services Institute said Tuesday that it urges the Senate “to support the Senior$afe Act of 2017, ensuring that financial advisors and broker-dealers have the ability to report suspicions of financial exploitation whenever they suspect fraudulent behavior without fear of liability,” according to a statement.

NASAA President and Minnesota Commissioner of Commerce Mike Rothman believes Collins’ bill “will better protect persons aged 65 and older from financial exploitation by increasing the likelihood it will be identified by financial services professionals, and by removing barriers to reporting it, so that together we as state securities regulators and other appropriate governmental authorities can help stop it,” he said in a statement.

To better ensure that financial services employees have the knowledge and training to identify “red flags” associated with financial exploitation, the bill would require that, as a condition of receiving immunity, financial institutions train certain personnel regarding the identification and reporting of senior financial exploitation.