Now is the time to prepare for new customer | KPMG | US

Now is the time to prepare for new customer protection rules covering seniors and other vulnerable adults

Now is the time to prepare for new customer

The U.S. Census Bureau projects that between now and 2030, the percentage of the population aged 65 and over (seniors) will nearly double to reach 20 percent, with the fastest growing portion among those aged 85 or more.

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The U.S. Census Bureau projects that between now and 2030, the percentage of the population aged 65 and over (seniors) will nearly double to reach 20 percent, with the fastest growing portion among those aged 85 or more. Based on calls to its Securities Helpline for Seniors, which have highlighted the risk of financial exploitation that this group of investors faces, the Financial Industry Regulatory Authority (FINRA) has finalized new rules providing broker-dealers (FINRA’s member firms) with the ability to respond to situations in which they suspect a senior might be at risk of financial harm. The number of these incidences is expected to increase commensurate with the growth in the senior population and to reach across all retail consumer financial products and services.

The attached Client Alert outlines FINRA’s new protections, which go into effect in February 2018, and highlights measures raised by the new rules that could be implemented more broadly to strengthen and enhance compliance and risk management programs focused on senior financial protection.

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