U.S. regulators have announced an initiative to identify best practices used by financial services firms in dealing with senior investors, and to report this information publicly.

The U.S. Securities and Exchange Commission, the North American Securities Administrators Association, and the Financial Industry Regulatory Authority announced that they will solicit input from all interested parties in order to identify strong supervisory, compliance and other practices used by firms serving seniors in the following areas: marketing and advertising; account opening; product and account review; ongoing review of the relationship and appropriateness of products; discerning and meeting the changing needs of customers as they age; surveillance and compliance reviews; and training for firm employees.

The findings will be published so all firms can improve their service to older investors, the regulators said. The goal of the initiative is not to impose new regulatory requirements, but to help firms better meet their current obligations to their senior customers.

This effort is one part of the initiative to protect seniors from investment fraud and sales of unsuitable securities that was announced by SEC chairman Christopher Cox and NASAA and FINRA in May 2006. The initiative has several components, including targeted examinations, enforcement of the securities laws in cases of fraud against seniors, and active investor education and outreach.

Cox said, “It’s important to maximize the cutting-edge practices being developed by financial services firms to ensure that America’s senior investors are being protected and well-served by brokers, investment advisers, and others in the securities industry.”

“Strong regulation and heightened investor awareness, combined with effective industry compliance and supervisory systems, are necessary elements in the fight against senior investment fraud. Through this initiative we intend to spotlight successful industry practices from which others may benefit,” added NASAA president, Karen Tyler.