New Financial Protection for Seniors

Seniors and those who care about them should know about a valuable financial protection tool that has been available for longer than a year. The Securities Helpline for Seniors is provided by the Financial Industry Regulatory Authority (FINRA), the private organization that regulates brokers, registered investment advisor and some other investment professionals.

Anyone can call the Helpline (844- 574-3577) to report suspicions he or she has about financial transactions or people, or to ask about particular financial products and services. Though the focus of the effort is to identify or prevent fraud, callers can have any financial concern or question. Personal problems don’t have to be the subject of calls. You can call the Helpline when you are concerned someone might be taking advantage of a friend or a relative.

The Helpline is said to be for seniors, because they are the most susceptible to fraud and abuse, but it’s available to help people of any age.

FINRA has personnel who are dedicated to the Helpline and act quickly in response to calls. They don’t merely complete a report and pass it on. In one case, a broker was terminated by his firm 10 days after a client called the Helpline.

After 2015, FINRA issued a report detailing the Helpline’s activities through the end of the year, including examples of the wide range of issues addressed and actions taken.