The new elder financial abuse program meets Connecticut’s mandate and similar laws affecting the insurance industry.

In response to recent legislation requiring financial services professionals to be trained in detecting and acting on financial abuse of elderly clients, LIMRA and CFM Partners today announced the launch of a new online program for the financial services industry, Detecting Elder Financial Abuse (DEFA). 

“We expect similar legislation to be passed in many other states as there is an increasing emphasis on protecting seniors,” says Robert Wilhelm, development director for LIMRA.  “LIMRA continues to act as a utility for the industry when regulatory requirements expand.  Through our training, advisors will be able to comply with the new laws and learn how they can prevent and report elder financial abuse.”

LIMRA and CFM Partners developed the DEFA program with input from 20 LIMRA member companies. Since 2003, LIMRA has offered an Anti-Money Laundering (AML) training program, using CFM Partners’ cloud-based solution, Access Compliance. Like AML, the goal for the DEFA program was to design an effective, highly-accessible solution that provides advisors with essential and actionable knowledge they need to be effective in their jobs and meet regulatory requirements. Click HERE to read more…