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LIMRA LOMA Secure Retirement Institute Board of Directors Endorses New LIMRA Regulatory Training

The course, Recognizing Financial Exploitation, satisfies expanding state and federal regulatory requirements to detect and report financial exploitation


WINDSOR, Conn. and Washington, D. C., Oct. 30, 2017—During its Fall board meeting last week, the LIMRA LOMA Secure Retirement Institute Board of Directors endorsed a new online training program, Recognizing Financial Exploitation (RFE), for financial professionals designed to detect and report financial exploitation of seniors and specified vulnerable adults in the United States.

“Recent research finds that financial exploitation costs seniors in the U.S. at least $3 billion annually1, seriously undermining their retirement security. It is critical that our industry lead the efforts to detect and deter those who seek to defraud our seniors,” said William C. Anderson, director, institutional product management at American Funds and chair of the LIMRA LOMA Secure Retirement Institute Board of Directors. “RFE provides client-facing representatives from LIMRA member companies and other financial professionals the knowledge and tools to help protect seniors from unscrupulous, predatory people. The Board and I reviewed this curriculum and found it to be exceptional.”

RFE, a collaborative effort by LIMRA and CFM Partners, offers overview of financial exploitation, including the regulatory environment, red flags and steps financial representatives can take to help protect seniors from predatory behavior. The course clearly explains the new FINRA Rule 2165, Financial Exploitation of Specified Adults, which will go into effect on Feb. 5, 2018, and the NASAA model adopted by many states. 

“LIMRA worked with our members to develop a course that would address the growing concern around financial exploitation and its impact on Americans’ retirement security,” said Robert Wilhelm, development director for LIMRA. “As state and federal entities begin to require advisor training, LIMRA recognized there is a need for an effective, accessible, industry-wide solution that would comply with new regulatory requirements and teach advisors and other client-facing representatives how they can prevent and report elder financial abuse.”

RFE is available 24/7 via any internet-enabled device through LIMRA’s Compliance Education Platform—the same website and login credentials they now use for industry-standard Anti-Money Laundering training. The curriculum can be customized to meet individual company requirements and will include state-specific resources and tools. Upon completion of the course, students will be able to:

  • Define elder abuse and financial exploitation of seniors and vulnerable adults.
  • Identify the characteristics of senior clients that can make them more vulnerable to financial exploitation.
  • Describe common types and methods of financial exploitation.
  • Identify suspicious activities, transactions, and other red flags that may indicate potential financial exploitation using scenario-based exercises.

“We are honored that the LIMRA LOMA Secure Retirement Institute Board has endorsed our program,” said Wilhelm. “This is an important issue of growing concern for the industry and our country.  We hope this program lessens the occurrence of financial exploitation while helping our members comply with today’s regulations.”

For more information, please visit the Recognizing Financial Exploitation (RFE), page.

Learn more about the LIMRA LOMA Secure Retirement Institute Board of Directors

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1AARP BankSafe Initiative 2016

Media Contacts

Catherine Theroux, +1-860-285-7787, ctheroux@limra.com
Melissa Macaulay Federico, +1-617-686-7898, melissa@b2bbrands.biz

About LIMRA 

LIMRA is a worldwide research, consulting, and professional development organization that helps more than 850 insurance and financial services companies in 64 countries increase their marketing and distribution effectiveness. Visit LIMRA at www.limra.com.

About CFM Partners
CFM Partners is a GRC (governance, risk, and compliance) technology and intelligence solution provider located in Washington, DC. CFM combines innovative technology with deep compliance and industry expertise to deliver integrated, knowledge-based GRC solutions that enhance governance and improve risk management. CFM understands the marketplace, the regulatory environment, and the importance of putting the right tools and information into the hands of the right people at the right time. To learn more about CFM and why its solutions are used by many of the world’s largest and most respected organizations, visit www.cfmpartners.com.