Recent Fines Show Regulators Serious About Protecting Seniors

July 20, 2015 by Cyril Tuohy

Recent fines against LPL Financial levied by Massachusetts financial regulators indicate that some states are serious about enforcing regulations designed to protect seniors, a group often targeted by brokers and financial advisors.

In the latest example, LPL agreed to pay a $250,000 fine to settle charges for “failure to establish and enforce review procedures” related to senior-specific titles, according to Massachusetts’ top financial regulator William F. Galvin.

Galvin’s office said in a news release that an examination of a state-registered investment advisor found a registered representative of LPL was “using a title that did not conform to those senior designation regulations.” Click here to read…

Originally Posted at InsuranceNewsNet on July 15, 2015 by Cyril Tuohy.