President Trump Expected to Sign the Senior Safe Act, Which Encourages Advisors and Firms to Report Financial Exploitation of Senior Citizens

Posted on May 31st, 2018 at 5:14 PM
President Trump Expected to Sign the Senior Safe Act, Which Encourages Advisors and Firms to Report Financial Exploitation of Senior Citizens

From the Desk of Jim Eccleston at Eccleston Law LLC:

In a victory for senior citizens who are victims of financial fraud, the United States House of Representatives approved the Senior Safe Act (H.R. 2255) which President Trump is expected to sign shortly.

The Senior Safe Act also benefits financial advisors because it grants them immunity from liability if they report any abuse of seniors to either regulators or law enforcement authorities.   

In addition to granting immunity to financial advisors, the Senior Safe Act encourages financial service firms to provide standardized training to its advisors and other employees in order to better equip them to identify and report instances of suspected abuse.

According to the United States House of Representatives, financial fraud costs seniors nearly $3 billion annually and this bill is aimed to reduce those costs.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: Eccleston, Eccleston Law, Eccleston Law LLC, James Eccleston

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