Missouri Implementing Senior Savings Protection Act This Month
A law providing seniors with greater protection against financial exploitation will go into effect later this month in Missouri.
The Senior Savings Protection Act will enable certain brokerage employees to delay investment trades requested by people ages 60 and up, and adults ages 18 to 59 with certain disabilities, if they think completing the trades would result in financial exploitation, according to Consumer Reports.
If an investment professional encounters a trade they consider suspicious, they must notify the Missouri Department of Health, the state's commissioner of securities, and individuals connected with the account or the vulnerable adult. This includes family members, conservators, guardians, and those with powers of attorney. The delay can last up to 10 days.
Ron Long, director of regulatory affairs and elder client initiatives at Wells-Fargo, pushed for the legislation. "This law allows a firm suspecting misconduct to have the eyes of a regulator and adult protective services agency to look at a situation at the time of or soon after financial misconduct occurs," Long told Consumer Reports. "It is that extra scrutiny that often is missing in the majority of financial abuse cases."
Delaware and Washington are the only two other states with similar laws currently on the books.