Complinet presents Webcast with SEC, FINRA and NASAA to explore challenges and regulations faced by financial professionals in selling to seniors
Webcast on Thursday December 6th 2007 at 2:00pm EST brings together high-level regulatory professionals to discuss fraud and mis-selling to ageing baby boom generation
New York, NY and London, UK — December 04, 2007 – Complinet, the leading provider of solutions that dynamically deliver relevant compliance intelligence to industry professionals, is to lead an exclusive discussion panel to review the challenges in product suitability, communications and sales practices when selling financial products to senior citizens, and how the market and regulators are responding to the challenge.
In a webcast to be held at 2pm EST on Thursday December 6th, Complinet’s editor-in-chief Alex Viall will be joined by Lourdes Gonzalez, assistant chief counsel for the Sales Practices, Division of Trading and Markets, SEC; Daniel Sibears, executive vice president, Member Regulation Programs for FINRA and Karen Tyler, president, NASAA.
The webcast reflects the current regulatory climate and moves by regulators to ensure that senior citizens are accurately guided when investing, and are protected from fraud, misinformation, mis-selling and misleading designations.
This has become a key issue for all financial services companies as the baby boom generation reaches retirement age with more than 73 million Americans turning 60 over the next 20 years 1.
As these baby boomers look to invest their retirement funds, there is increased regulatory focus due to a growing list of complaints and disreputable transactions. As a result, financial firms are becoming cautious on how to provide their employees with the right guidance including the provision of accurate and transparent communications, specifying suitability of products and strategies directed at senior citizens, through to the correct use of professional designations.
The webcast will be exclusively broadcast by Complinet at http://www.complinet.com/connected/news-and-events/webcasts/silver-surfer/ at 2pm EST on Thursday 6th December.
"In bringing together this panel of individuals that are at the heart of regulatory decision-making and enforcement, we are fulfilling our role in connecting the compliance community. It is vital that the compliance community comes together to review and debate new challenges and share practical solutions,” said Paul Johns, chief marketing officer for Complinet.
Johns continued, “The regulatory maze of how to accurately market and sell to senior citizens has landed squarely on the shoulders of compliance professionals, adding to an already heavy burden. Compliance teams need to be quick to act to update and promote best practices in dealing with senior investors to help protect their clients and the reputation of their organizations. The investment potential of baby boomers offers a windfall opportunity for firms that succeed in implementing the right policies and could lead to ruin for those that fail.”
1 - During the next 20 years, it is estimated that 10,000 Americans will turn 60 every 24 hours U.S. SEC Seniors Summit.
About Complinet
Complinet is the leading provider of dynamic and connected risk and compliance solutions to the global financial services industry.
The company’s solutions minimize exposure to risk by providing the information and technology to track and connect live external events, such as regulatory or sanction changes, with internal policy management and screening activities.
Complinet was founded in 1997 and employs more than 200 people in its offices in New York, London, Sydney and Dubai. Every day, industry professionals in more than 1,600 firms across 81 countries rely on Complinet to provide information, analysis and solutions that help them keep pace with changing regulations.
