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Protection of Senior Investors to be a Regulatory Priority in 2019

On January 22, 2019, FINRA released its “2019 Risk Monitoring and Examination Priorities Letter” which identifies topics that FINRA will focus on in the coming year.

One of FINRA’s top priorities in 2019, that was identified in this letter, is the protection of senior investors which most often refers to those individuals who are 65 years of age or older as well as investors who are retired or approaching retirement.

As noted by FINRA, this issue “remains a top priority for FINRA and we will continue to focus on how firms are protecting such persons from fraud, sales practice abuses and financial exploitation.”

In addition, “FINRA will assess firms’ supervision of accounts where registered representatives serve in a fiduciary capacity, including holding a power of attorney, acting as a trustee or co-trustee, or having some type of beneficiary relationship with a non-familial customer account. In particular, we are concerned about registered representatives using their role as a fiduciary to take control of trusts or other assets and direct funds to themselves.”

As a key component of its regulatory oversight role, “FINRA will assess the supervisory systems firms employ to place heightened scrutiny over such accounts.”

If you are a senior investor who has any concerns about your investments with any brokerage firm, please contact us for a no-cost and no-obligation evaluation of your specific facts and circumstances. You may have a viable claim for recovery of your investment losses by filing an individual securities arbitration claim with the Financial Industry Regulatory Authority (FINRA).

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