Legislation Urged to Reduce Financial Exploitation of Older Americans

FinancialAdvisorIQ has reported that several financial services industry trade groups are calling on lawmakers to advance legislation aimed at reducing the financial exploitation of seniors. According to news reports, the groups want the legislation to be enacted with the aim of stemming the billions of dollars in estimated losses resulting from scamming of seniors. Among the groups pushing for the legislation are the Financial Services Institute, the Investment Company Institute, the Insured Retirement Institute, and the Securities Industry and Financial Markets Association. If enacted, the legislation would permit mutual funds and other registered open-end investment companies to delay suspicious requests for redemption of securities on behalf of seniors and vulnerable individuals. The bill would also require the Securities and Exchange Commission to make recommendations to Congress for regulatory and legislative updates on curbing financial exploitation. The bill reportedly passed in the U.S. House in 2023, and a Senate version was introduced this year. A recent report from the Federal Bureau of Investigation found elder fraud resulted in $1.6 billion in losses just in the first five months of 2024. And according to the National Center on Elder Abuse, for every case of elder abuse that’s reported, 24 others are not.

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