The Consumer Financial Protection Bureau (CFPB) published a report highlighting problems with so-called “senior designation” credentials that many financial advisers use to market their services to older Americans.
The Bureau found that there are more than 50 different senior designations that financial advisers use to indicate that they have advanced training or expertise in the financial needs of older consumers.
These designations can confuse older consumers, who are already at risk for deception and fraud.
The report found that the names and acronyms of senior designations confuse consumers and there is a wide variety of required training, qualifying exams, and oversight associated with different designations, and there is a lack of supervision and enforcement.
Story in the News Park Forest.
- CT Golden Years: Connecticut’s Elderly Can Sign on with National Elder Abuse Data Base
- Feds Spotlight Mortgage Debt Challenges Faced By Older Americans
- Federal Consumer Watchdog Readies to Bare Its Teeth
- Feds Provide Tools To Protect Foster Care Children From Credit Reporting Problems
- Consumer Protection Bureau Hits the Ground Running
- U.S. Consumer Hotline Has Technical Glitches Preventing Complaints To Reach Banks