Two new rules intended to protect seniors went live earlier this month. With that, financial firms must now make "reasonable efforts" to get information for trusted contact persons on behalf of clients. So reports ThinkAdvisor.
Firms can now temporary hold disbursement of payments if they believe exploitation is occurring.
Barbara Roper, director of investor protection at the Consumer Federation of America, believes that the regulations can help protect seniors, but financial firms will have to conduct appropriate supervision to ensure that the rules aren’t abused.