It’s been extensively reported that Federal regulators have launched an investigative inspection into the ever-growing number of reports related to the abuse of the elderly.
According to recent news articles, planners, advisors and even family members have never ripped off their seniors like they do in this day and age. The discussion follows recent data that shows that Americans over 60 lost at least $2.9 billion in the year of 2010 alone to financial exploitation, which represents a 12% increase from 2008. The study released by the MetLife Mature Market Institute shows that the financial exploitation that is deliberately extorting money from the elderly in the country range from simple scams related to home repair to complex insurance trickeries.
Federal regulators claim that the increase in abusive tactics has forced investigators in the Consumer Financial Protection Bureau to research the various types of scams that have been affecting older Americans. The agency is aiming at finding new ways to prevent such scams and keep the elderly safe.
Articles mentioning this outrageous discovery related to the growing number of scams related to the elderly and their estate have revealed that regulators are hoping to focus specifically on the credentials of those who claim to be financial advisors.
The official report issued by Federal regulators demonstrates that they are dedicated to create tougher rules that would oversee the financial health of the elderly who are vulnerable victims. Going after the predators, says an executive director for a nursing home reform agency, will be the only way to prevent future reports related to elderly abuse.
It’s my hope that the Federal regulators are proficient at the task of maintaining older Americans safe from predators. I’m glad federal agencies are dedicated to eradicate the scams that prey on the most vulnerable of our citizens.