News & Insights
Press, Media, & Articles
Ignites (March 12, 2019) California last month took the first step toward imposing more stringent obligations on brokers and investment advisors with respect to reporting suspected cases of elder financial abuse.
Last month, Republican state senator John Moorlach introduced a bill that would make it mandatory for brokers and investment advisors to notify authorities if a client requests a “curious” transaction that could indicate financial exploitation by an outside party. “Watching Alzheimer’s and dementia concerns growing in our state, providing safeguards to prevent financial abuse for those in the beginning stages of this difficult life journey is critical,” Moorlach wrote in a March 6 web post. In proposing the bill, Moorlach says he plans to “work with financial professionals who appreciate their fiduciary roles to protect their aging clientele.” As it stands, California law requires other financial institutions — primarily credit unions and banks — to flag any incidents of “suspected financial abuse of an elder or dependent adult,” noted Keith Bishop, a partner at California-based Allen Matkins, in a March 6 client alert.
Related Professionals
RELATED SERVICES
News & Insights
Allen Matkins Leck Gamble Mallory & Natsis LLP. All Rights Reserved.
This publication is made available by Allen Matkins Leck Gamble Mallory & Natsis LLP for educational purposes only to convey general information and a general understanding of the law, not to provide specific legal advice. By using this website you acknowledge there is no attorney client relationship between you and Allen Matkins Leck Gamble Mallory & Natsis LLP. This publication should not be used as a substitute for competent legal advice from a licensed professional attorney applied to your circumstances. Attorney advertising. Prior results do not guarantee a similar outcome. Full Disclaimer