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FINRA Observes Second Anniversary of Its Senior Helpline

Posted in FINRA Enforcement

On April 21, 2017, FINRA issued a press release marking the second anniversary of its Securities Helpline for Seniors.  The press release may be found here.

As most of our readers know, the Helpline provides a toll-free number that senior individuals and their caretakers can call to voice concerns about the handling of their brokerage and investment accounts.  The Helpline has not only been a useful resource for these individuals, but it has also helped FINRA understand the types of issues that these investors face.

The release notes a number of interesting statistics relating to the use of the Helpline in its two-year history:

Total calls to the Helpline: 9,200
Number of states from which calls were placed: 50
Average age of callers: 70
Number of matters referred to federal, state and
non-U.S. regulators:
Referrals to adult protective services: 130
Voluntary reimbursements to callers generated through the Helpline: $4.3 million

FINRA notes that the calls raised concerns about, among other issues, potential unsuitable recommendations, account churning, fraud and illegal activity involving brokerage accounts and investments.

FINRA also notes, approvingly, that many FINRA member firms have established designated points of contact to work with Helpline staff to streamline the resolution of investor issues.