FSI Lauds Passage of Senior Safe Act

July 6, 2016

Today, Financial Services Institute (FSI) President & CEO Dale Brown released the following statement regarding the U.S. House of Representatives’ passage of the Senior Safe Act – a bill that allows financial services firms and advisors to help stop elder financial abuse. The legislation passed by unanimous consent. FSI played a significant role in the passage of this legislation and is currently working on the Senate side to get a final bill to the president to sign.

“While Washington has been gridlocked for a long time, I’m very pleased that the House was able to pass this critical legislation, and I am hopeful the Senate will quickly follow suit. The Senior Safe Act is a big step forward in the prevention of elder financial abuse across the country. By providing civil and administrative immunity to financial services firms and advisors, the legislation would allow financial professionals to report potential abuse to government organizations, without violating privacy laws. It also standardizes training to help identify and report instances of suspected abuse. FSI worked with House Financial Services Committee members in getting this legislation crafted and passed and is currently working on gaining cosponsors for the Senate version. Last month, we took over 100 members to Capitol Hill, and this legislation was a primary focus of our meetings. We will continue to work on this legislation until the president signs it in order to better ensure seniors are protected from abuse.”

About the Financial Services Institute (FSI): The Financial Services Institute (FSI) is the only organization advocating solely on behalf of independent financial advisors and independent financial services firms. Since 2004, through advocacy, education and public awareness, FSI has successfully promoted a more responsible regulatory environment for more than 100 independent financial services firm members and their 160,000+ affiliated financial advisors – which comprise over 60% of all producing registered representatives. We effect change through involvement in FINRA governance as well as constructive engagement in the regulatory and legislative processes, working to create a healthier regulatory environment for our members so they can provide affordable, objective advice to hard-working Main Street Americans. For more information, please visit financialservices.org.