FINRA Releases Report Highlighting Helpline’s Efforts and Other FINRA Initiatives to Protect Seniors
WASHINGTON — FINRA today released a new report illustrating the FINRA Securities Helpline for Seniors’ efforts to provide support, resources and education to senior investors over the last five years. The report also provides insight into FINRA’s ongoing work to protect senior investors beyond the Helpline – including rulemaking, disciplinary actions, and collaboration with other regulators and organizations – and shares effective practices from member firm senior investor protection programs.
FINRA launched the Helpline on April 20, 2015 to assist senior and vulnerable investors with questions or concerns about their brokerage accounts and investments. As of December 31, 2019, the Helpline has:
- Received more than 18,000 calls from all 50 states and several countries;
- Made more than 1,400 referrals to state, federal and international regulators; and
- Assisted with the return of more than $7 million to investors.
“FINRA has maintained a longstanding commitment to protecting senior investors and continues to work to address risks facing this investor population as part of our regulatory mission,” the paper noted. “In addition to the Helpline, our efforts have included rulemaking to provide firms with tools to address financial exploitation of seniors, guidance in FINRA publications, reviews of senior investor protection programs in our examinations, enforcement actions and collaboration with other regulators, as well as research and education initiatives.”
FINRA is a not-for-profit organization dedicated to investor protection and market integrity. It regulates one critical part of the securities industry—brokerage firms doing business with the public in the United States. FINRA, overseen by the SEC, writes rules, examines for and enforces compliance with FINRA rules and federal securities laws, registers broker-dealer personnel and offers them education and training, and informs the investing public. In addition, FINRA provides surveillance and other regulatory services for equities and options markets, as well as trade reporting and other industry utilities. FINRA also administers a dispute resolution forum for investors and brokerage firms and their registered employees. For more information, visit www.finra.org.