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FINRA Proposes Rules To Protect Seniors

FINRA’s board recently approved a proposal that would allow financial firms to temporarily block requested  disbursements of cash or securities from an older client’s account, if it believes that the client is being taken advantage of. Three states, Missouri, Delaware, and Washington, have passed laws that limit liability against brokerage firms if they delay questionable transactions involving elders, and FINRA’s proposal would allow firms to implement temporary holds on disbursements for clients over the age of 65, if the firms reasonable believe the client is being financially exploited.
“Seniors are at risk, and Finra is committed to helping protect seniors and other vulnerable adults from financial exploitation,” said Finra chairman and chief executive Richard Ketchum in a news release. “This proposal is an important step forward that would benefit both investors and firms.”
Comments on the Finra proposal, Regulatory Notice 15-37, are due November 30
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