Investor Protection & Securities:: Senior Savings Protection Act

 

Missouri Securities Division

Senior Savings Protection Act

 

In 2015, the Missouri Secretary of State's Securities Division partnered with industry professionals and advocates to sponsor the Senior Savings Protection Act (SSPA), which allowed broker-dealers to take certain actions against suspected financial abuse among seniors and persons with disabilities.

In 2020, Secretary of State John R. Ashcroft sponsored House Bill 599, which included enhancements to the SSPA. Among other things, it expanded the SSPA to include investment advisers and allows industry personnel to halt suspicious transactions as well as disbursements.  

This website provides training and resources on financial exploitation, and allows broker-dealers and investment advisers to file a notice of concern that could trigger an investigation by the Missouri Securities Division and the Missouri Department of Health and Senior Services (DHSS). 

The SSPA allows broker-dealers and investment advisory firms to take certain actions in collaboration with the Missouri Securities Division and DHSS in order to prevent, detect, and halt potential financial exploitation. When exercising these actions, firms must notify DHSS, the Missouri Securities Division, and the vulnerable adult of the suspected financial exploitation. If the firm is in compliance with the SSPA, it receives limited immunity from civil liability even if the conduct reported is not exploitation or abuse.

Senior Savings Protection Act Links

File a Notice of Concern

File a notice of concern with our office if you suspect financial exploitation is taking place.

 Open PDF Form Open Web Form

 

How to fill out the notice of concern form:

  1. Please answer each question. If a question does not apply to your particular situation, please fill in "n/a" (not applicable).

  2. Be as concise and as specific as possible when answering the questions. Present the events in chronological order using dates whenever possible.

  3. If you are in doubt as to whether to include a fact in your summary or a piece of documentation, please include it.

  4. Be sure to send copies of any documents concerning the individual held with your company or that your company may have obtained from another source. Keep the originals for your files.

Download the notice of concern form PDF now.

Go to the web form open window now.

Training for Broker-Dealers