Warnings for seniors to check the SEC’s Investment Adviser Public Disclosure and Finra BrokerCheck websites have been added to joint FDIC and Consumer Financial Protection Bureau elder abuse training.
The websites allow consumers to check advisors' credentials and determine whether they've been subject to any disciplinary actions with the public records.
Changes to the CFBP's Money Smart for Older Adults, aimed at seniors and financial institutions and community groups that teach them to manage their money wisely, also include updates on growing types of elder abuse, such as IRS, debt collection and charity scams.
In addition, the training has incorporated best practices in dealing with exploitation by fiduciaries.
Overall, the lessons have been improved by making them easier to understand, the agencies said.
Money Smart was designed by the two financial regulators to inform adults age 62 and over and their caregivers about ways to prevent, identify and respond to financial exploitation.
Pointing to the need for increased senior and caregiver awareness of the problems and solutions, the FDIC and CFPB pointed to estimates that only one in 44 cases of financial abuse is brought to the attention of financial regulators and law enforcement agencies.
FDIC Chairman Martin Gruenberg and CFPB Director Richard Cordray said Money Smart can be useful in empowering seniors to take better care of their finances.
To see the Money Smart guide for trainers, go here.
To view Money Smart’s resources for individuals, click here.