3. State Initiatives Extending Beyond The Model Act’s Provisions
Some states have gone beyond the Model Act’s recommendations to protect seniors. Though the vast majority of broker-dealer firms have already instituted some form of training for their employees on issues related to the financial exploitation of seniors, few appear to have specifically addressed each of the Model Act’s recommendations in their training programs. Connecticut, New Mexico, Nevada and Washington mandate training on the detection and reporting of financial exploitation. Alabama has recently gone further, in what could set the path for other states, by drafting a guide that firms can use to facilitate training. The guide is available here. It focuses on steps that financial services firms can take to identify and respond to red flags indicative of financial exploitation. Several states have also established task forces whose purpose is to evaluate the impact of elder abuse and related current policies, and to make recommendations to their legislatures based on their findings. Some states have also organized public education campaigns and provided 24-hour toll-free hotlines to facilitate the reporting of abuse.
What Is Being Done To Help Avoid Financial Exploitation Of Seniors?
October 12, 2017
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