FINRA Responds to Concerns Raised by New Securities Helpline for Seniors

FINRA reviewed concerns revealed by the Securities Helpline for Seniors launched in April. Calls to the Helpline allowed FINRA to identify several emerging scams. The report states that "firms should consider size, retail client profile, product offerings, complaints or concerns raised by senior clients, the training of its workforce, and other factors in determining how to design and implement programs and controls to best serve this segment of the investing public."

The report recommended that firms implement the following practices:

• adopting annual training for employees regarding elder abuse;
• establishing an advisory unit for the firm in order to respond to and develop client defense strategies that address seniors' issues;
• publishing nd distributing client-focused education materials;
• hosting educational events that address issues that impact seniors; and
• joining industry groups that combat elder abuse.