SEC and FINRA Launch National Senior Investor Initiative Examination Program
In releasing a report on the National Senior Investor Initiative, the SEC and FINRA have reaffirmed the paramount importance of protecting senior investors.
Andrew J. Bowden, OCIE’s Director, said, “Seniors are more dependent than ever on their own investments for retirement. Broker-dealers are developing and offering a variety of new products and services that are intended to generate higher yields in a low interest rate environment. It is imperative that firms are recommending suitable investments and providing proper disclosures regarding the related terms and risks.”
“With the dramatic increase in the population of our nation’s seniors, it is critical that securities regulators work collaboratively to make sure that senior investors are treated fairly. The culture of compliance at firms is key to ensuring that seniors receive suitable recommendations and proper disclosures of the risks, benefits and costs of any investments they are purchasing,” said Susan Axelrod, FINRA Executive Vice President, Regulatory Operations.
For a link to the announcement of this initiative click here. If you are a senior who may have been a victim of investment fraud or unethical practices by your stockbroker contact the attorneys at West & West, LLC by calling 410-296-4655 for a free initial consultation.