The House of Representatives has passed a bill in July that would make it easier for financial advisors to report financial abuse (“exploitation”) of the elderly. H.R. 4538, known as the “Senior Safe Act”, is intended to provide immunity from suit for certain individuals who disclose potential examples of exploitation of senior citizens, and for other purposes. Seniors lose at least $2.9 billion a year to financial exploitation, according to a MetLife study.
By providing civil and administrative immunity to financial services firms and advisors, the legislation would allow financial professionals to report potential abuse to government organizations, without violating privacy laws. The legislation will go to the United States Senate for sponsorship. The Securities Industry and Financial Markets Association sent a letter to numerous senators earlier this year in support of the legislation.