Financial Exploitation of Seniors

What this video covers

• Who qualifies as a specified adult under the Financial Industry Regulatory Authority (FINRA) senior investor protection rule, and why the category is not limited to seniors
• What activity a temporary hold covers: both cash disbursements and securities transactions, and how the exam uses outdated "disbursements only" wording as a distractor
• The temporary hold timeline: 15 business days initial, plus 10 for internal review (25 total), plus 30 when reported to a state regulator or court (55 maximum)
• The four notification requirements within 2 business days, and the specific exception for suspected exploiters
• Who can serve as a trusted contact person, the firm's obligation to make reasonable efforts to obtain one, and why a trusted contact is not a power of attorney
• The difference between a trusted contact person (informational resource for the firm) and a power of attorney (binding decision-maker for the account)