By 2030, seniors aged 65 and over will make up 18% of the nation’s population. In the United States, seniors lose an estimated $2.9 billion every year in cases of financial exploitation reported by media outlets, while only an estimated 1 in 44 cases is even reported to authorities.

Through our deep relationships with clients, the financial services industry is on the front line in efforts to protect senior investors from financial exploitation and the dangers of cognitive decline. SIFMA has partnered with numerous organizations over many years to raise the profile of this growing issue and, importantly, to work together on legislative and regulatory changes to benefit senior investors.

Two important pieces of legislation passed in the last Congress – the Senior $afe Act and the Elder Abuse Prevention and Prosecution Act. Last month, the Senior Security Act of 2019 passed in the House. On the regulatory front, FINRA recently adopted rules that expand the use of trusted contact forms to all broker-dealers and allows temporary holds to be placed on suspicious disbursements so that an investigation can take place before money leaves an account.

To learn more, watch this video on how financial professionals are working with policymakers, regulators and more to protect our senior investors.

Lisa Bleier is Managing Director and Associate General Counsel, Federal Government Relations at SIFMA. In this role, she supervises and coordinates SIFMA’s outreach to members of Congress and government regulators on retirement and senior investor matters.