FINRA Senior Helpline Marks 2nd Anniversary
Over $4.3 million in voluntary reimbursements have been made to seniors thanks to calls to Financial Regulatory Authority (FINRA) senior helpline, FINRA announced on the second anniversary of the helpline. As we discussed in Retirement Watch in the past, anyone can call the helpline to alert FINRA to fraud or abuse against senior citizens.
The helpline provides a toll-free number (1-844-574-3577) that senior investors, or individuals caring for a senior, can call to raise concerns about issues with brokerage accounts and investments. To date, the helpline has fielded more than 9,200 calls from all 50 states from individuals ranging in age from 17 to 102 years old (the average age of callers is 70 years old), and staff have referred nearly 650 matters to state, federal and foreign regulators, and made more than 130 referrals to Adult Protective Services under the mandatory reporting laws of 16 states. Call topics received to date cover a variety of financial services-related products, including variable annuities, mutual funds and real estate investment trusts, while callers have inquired how to review an investment account statement and access investor tools and resources (such as BrokerCheck®), requested assistance with lost securities, and raised concerns of potential unsuitable recommendations, fraud, or illegal activity involving brokerage accounts and investments, as well as abuse and exploitation of seniors by persons outside of the securities industry. Many member firms have established designated points of contact to work with helpline staff to streamline the process of resolving investor issues.
