A new securities helpline for seniors has received more than 4,200 calls and recovered over US$1.3 million in voluntary reimbursements from firms since its launch in April 2015, the U.S. Financial Industry Regulatory Authority (FINRA) announced on Wednesday.
FINRA has also used information from callers to issue real-time investor alerts on emerging scams, and to pursue enforcement action.
In addition, FINRA has referred more than 200 cases to other regulators, and made more than 70 referrals to Adult Protective Services in 15 states.
“Financial fraud is a problem, and seniors are the most vulnerable. Victims of fraud sometimes feel they have nowhere to go, or are embarrassed to reach out,” says Susan Axelrod, executive vice president, regulatory operations, at FINRA, in a statement.
“We are very pleased that investors are using our free helpline and encourage seniors, or those caring for seniors, with investment-related questions to give us a call.”
Additionally, FINRA has created a printable reference guide for the helpline.
“We’ve found it can be difficult for families and friends to talk to seniors about financial management, so we’ve created a guide to kick-start the conversation and for seniors to keep as a handy reference,” adds Axelrod.