The U.S. securities regulators announced a new initiative on Friday as part of their efforts to protect senior investors.
The goal of the initiative is to identify effective practices used by financial services firms in dealing with senior investors, and to provide information about these practices publicly, said a statement released by the Securities and Exchange Commission (SEC).
Securities and Exchange Commission (SEC) staff, the North American Securities Administrators Association (NASAA), and the Financial Industry Regulatory Authority (FINRA) will solicit input from all interested parties in order to identify strong supervisory, compliance and other practices used by financial services firms serving seniors in such areas as marketing and advertising to seniors, discerning and meeting the changing needs of customers as they age and training for firm employees, said the statement.
The findings will be published so all firms can improve their service to older investors.
"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," said SEC Chairman Christopher Cox.
"Strong regulation and heightened investor awareness, combined with effective industry compliance and supervisory systems, are necessary elements in the fight against senior investment fraud," said NASAA President Karen Tyler.
"Through this initiative we intend to spotlight successful industry practices from which others may benefit."
It is not expected that there will be a "one-size-fits all" approach to effective practices in these areas, and there may be many different practices that are effective. The goal of the initiative is not to impose new regulatory requirements, but to help firms better meet their current obligations to, as well as more generally to serve, their senior customers, according to the statement.
Source: Xinhua
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