Broker Hotline 1-888-776-6565
More Information [email protected]

What INVESTMENT ADVISORS need to know about the Safe Senior Act of 2016!

July 7, 2016 // News

The Safe Senior Act of 2016, H.R. 4538, was unanimously approved by the House this week following last month’s approval by the House Financial Services Committee. This is important news for investment advisors, who are often the first to suspect and witness financial abuse of seniors.

  1. The passage addresses the loopholes in the Health Insurance Portability and Accountability Act (HIPAA) that left investment advisors open to liability claims for possible privacy violations if they shared financial information when they reported suspicion of abuse of their senior client’s finances.
  2. To gain immunity, advisors will need training on how to identify and report suspected abuse or exploitation to law enforcement or regulatory authorities. Training also includes additional privacy training and should occur within one year of working with senior clients.
  3. Elder abuse and exploitation typically involves a senior’s close relative, friend, or caregiver. Others who may exploit elderly people include neighbors, attorneys, bankers, agents, doctors or nurses, or pastors. In limited cases, the person is a stranger who befriended a vulnerable senior.

Insurance carriers and financial institutions will begin to roll out training options and requirements, as well as outline exploitation signs to look for when working with seniors.

Senior exploitation is defined in the Act as the “fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual, including a caregiver or fiduciary, that –

Or

Everyone can help stop Elder Abuse of their relatives, friends, and neighbors by recognizing these signs:

 

 Start the Discussion


Warning: Undefined variable $aria_req in /var/www/vhosts/amacbrokers.com/httpdocs/wp-content/themes/abs/comments.php on line 99

Warning: Undefined variable $aria_req in /var/www/vhosts/amacbrokers.com/httpdocs/wp-content/themes/abs/comments.php on line 105

Your email address will not be published. Required fields are marked *