U.S. Elder Financial Exploitation Compliance
This IDC Perspective looks at new regulations around financial exploitation under FINRA and guidance issued by the CFPB, the key risks, and actions that can be taken to avoid the risks. Elder financial exploitation is a growing problem. By some estimates, losses related to elder financial exploitation run in the tens of billions of dollars. An aging U.S. population of individuals over age 65 will contribute to the continued growth of this problem. According to Steven D'Alfonso, research director, IDC Financial Insights, "Regulatory pressure around this issue is increasing with new regulations from FINRA and guidance from the CFPB. This document touches on what financial services firms should be doing now to address this important issue."
Please Note: Extended description available upon request.