Investor Protection & Securities:: Senior Savings Protection Act

 

Missouri Securities Division

Senior Savings Protection Act

 

In 2015, the Missouri Secretary of State and the Missouri Securities Division partnered with industry professionals and advocates to pass the Senior Savings Protection Act ("SSPA"), which gives broker-dealers more tools in the fight against financial abuse among the elderly and persons with disabilities. The law authorizes broker dealers to take two types of actions: 

  1. Broker-dealers may notify certain parties of potential financial exploitation.
  2. Broker-dealers may refuse a disbursement of funds from a brokerage account for up to ten days.

This website provides training and resources on financial exploitation, and allows broker-dealers 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. 

The act was the result of a joint effort between the Missouri Securities Division, brokerage firms, lawmakers, the Missouri Department of Health and Senior Services and various advocacy organizations across the state. A report from the Secretary of State's 2014 symposium on senior investor protection can be found here. 

The SSPA expands the authority of brokerage firms in an effort to prevent, detect and halt potential financial exploitation. When exercising this expanded authority, brokerage firms have an increased responsibility to notify DHSS and the Missouri Securities Division of suspected financial exploitation under certain circumstances.

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.

Once a notice of concern is received by the Missouri Investor Protection Center

  • The Securities Division will evaluate the information you have provided and investigate the allegations of senior financial exploitation and securities fraud. 

  • The Securities Division will also give a copy of the notice of concern to DHSS.

Training for Broker-Dealers