Elder financial abuse in regulatory crosshairs.Advisors who worry about family members or outsiders victimizing their elder clients should welcome the recent alliance between the North American Securities Administrators Association The North American Securities Administrators Association (NASAA), founded in Kansas in 1919, is the oldest international investor protection organization. NASAA was created to protect consumers who purchase securities or investment advice, and their jurisdiction extends to a (NASAA NASAA See North American Securities Administrators Association (NASAA). ) and the National Adult Protective Services In the United States, Adult Protective Services (APS) are social services provided to abused, neglected, or exploited older and/or disabled adults. APS is typically administered by local or state health, aging, or regulatory departments and includes a multi-disciplinary Association (NAPSA NAPSA National Adult Protective Services Association NAPSA North American Power Sweeping Association NAPSA National Australian Pharmacy Students' Association (Canberra, Australia) NAPSA National Association of Pretrial Service Agencies ). The two entities are joining forces to protect seniors from the growing threat of elder financial abuse, which includes financial exploitation and securities fraud. [ILLUSTRATION OMITTED] Financial abuse is considered to be the most common form of abuse to elders, costing its victims an estimated $2.6 billion a year, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a recent study. And for every one case of abuse reported to authorities, an estimated four or more cases go unreported. The NASAA and NAPSA partnership aims to eliminate elder financial abuse by providing tools to identify and report financial exploitation. "Elder financial abuse is becoming the crime of the 21st century as the growing senior population is increasingly targeted," said Fred Joseph, NASAA president and Colorado Securities Commissioner. "Victims can see their life savings disappear with little opportunity to recover financial stability. Anyone can-and should-report abuse of an elderly person, whether it is physical or emotional abuse, neglect or financial exploitation. State securities regulators and adult protective services workers are natural partners because we operate at a local level in service to our elderly citizens, and are often the first responders to abuse or financial fraud." "A silent crime is taking its toll on America-silent because so many of these cases go unreported," said Kathleen Quinn, executive director of NAPSA. "Studies show that family members and caregivers are the culprits in more than half of these cases, so unless an outside service provider reports the abuse it may go unpunished unpunished Adjective without suffering or resulting in a penalty: the guilty must not go unpunished, such crimes should not remain unpunished Adj. 1. ." NASAA and NAPSA will work together to inform and connect their members to share information and resources on how they can help prevent elder abuse Elder Abuse Definition Elder abuse is a general term used to describe harmful acts toward an elderly adult, such as physical abuse, sexual abuse, emotional or psychological abuse, financial exploitation, and neglect, including self-neglect. in their jurisdictions. Financial advisors should also report suspected cases of elder abuse to the proper authorities. What "red flags" are affecting your business? Send your comments to the National Ethics Bureau at redflags@ethicscheck.com. by the National Ethics Bureau |
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