Massachusetts Secretary of State William Galvin, who supervises the state’s securities division, is surveying broker-dealers registered in the state to gauge how many complaints they receive from seniors and to look at the steps that they take to resolve such complaints, Think Advisor reports.
The Massachusetts Securities Division has sent surveys to 162 broker-dealers that have a principal place of business in the state to find out whether senior financial abuse is becoming more prevalent and what steps companies should take to resolve any problems related to the issue. The survey inquires about the number and types of complaints made by investors age 65 and older, and also asks questions about whether senior investors’ transactions are subject to stricter oversight and whether companies have any specific policies and procedures in place regarding older customers, Investment News reports.
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