On November 4 and 5, 2019, an FSDA delegation met in Tallahassee with Chief Financial Officer, Jimmy Patronis, Attorney General, Ashley Moody, legislators and members of the Office of Financial Regulation. The main purpose of the visit was to discuss yet-to-be-passed legislation designed to protect senior and vulnerable adults from financial exploitation. While the reception was overall positive, much work remains to secure passage of a new law during the 2020 legislative session.

Recognizing the danger of financial exploitation to our most vulnerable population, more than 25 states have already adopted some protections that generally align with FINRA Rule 2165, which became effective in 2018, and: (1) permits its members to place temporary holds on disbursements of funds or securities from the accounts of specified customers where there is a reasonable belief of financial exploitation; and (2) amends FINRA Rule 4512 to require members to make reasonable efforts to obtain the name of and contact information for a trusted contact person for a customer’s account. 

Our federal government also recognized the importance of vulnerable adults’ protection in 2018 when it passed the Senior Safe Act, which provides immunity from liability in any civil or administrative proceeding for reporting potential exploitation of a senior citizen.

One of the FSDA’s important missions is to protect Florida’s elderly population from financial exploitation. Our voice has been heard! You can help by contacting your House representative or Senator to express your opinion.