NAIFA Letter to Rep. Sinema Lauds Legislation to Protect Senior Investors

NAIFA President Keith Gillies has sent a letter to Rep. Kyrsten Sinema (D – Ariz.) supporting the Senior Safe Act of 2017 (H.R. 3758), sponsored by the congresswoman.
 
The legislation would allow agents and advisors to report suspicious financial activities involving accounts of the senior citizen clients to financial institutions, which would evaluate the activities and, if appropriate, report them to proper authorities. NAIFA has worked with Rep. Sinema and other members of Congress to ensure that the act would allow advisors to work in their clients’ interests, while shielding advisors who act in good faith and with reasonable care from liability. NAIFA also successfully argued that the legislation should not make reporting mandatory for advisors.
 
“We look forward to working with you to put in place meaningful public policies to protect seniors from financial fraud and to incorporate protections for NAIFA members when reporting suspected financial abuse of a senior client,” Gillies wrote. “Thank you again for your leadership.”
 
  • Posted October 10, 2017 IN


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