It’s fair to say that seniors are among the most vulnerable investors – and many have fallen foul of financial exploitation. However, now a helpline is at least helping those who are south of the border to recoup some of their losses.
According to the Financial Industry Regulatory Authority (Finra) in the USA, elderly Americans have been able to recover $1.3 million in voluntary reimbursements thanks to its helpline.
Set up one year ago, its’ staff has answered more than 4,200 calls while referring 200 cases to federal and state regulators, as well as 70 cases to Adult Protective Services.
According to its Press release, Finra has used information from callers to raise the alarm about potential scams and has sent out a guide encouraging calls from seniors about investment-related concerns.
It is estimated that Americans aged from 65-74 currently possess around $3.5 trillion in assets but those who fall victim to scams are often too embarrassed to seek help. This has prompted the regulator to step up its efforts to protect senior investors – indeed in September last year it approved a rule allowing advisors to place temporary blocks on suspicious transactions.
Have you encountered any concerns with senior investors? Leave a comment below to let us know about your experiences and how you addressed them.