The New Jersey Bureau of Securities has introduced an online portal to enhance the reporting of suspected financial abuse targeting elderly and vulnerable adults. This initiative, announced by Attorney General Matthew J. Platkin and the Division of Consumer Affairs, aims to streamline compliance with a state law that mandates financial professionals report such exploitation.
The Safeguarding Against Financial Exploitation (SAFE) Act obliges broker-dealers and investment advisers to alert the Bureau about potential financial abuse involving individuals aged 65 or older or those under the Adult Protective Services Act. The Bureau evaluates these reports to determine if further action is necessary.
Attorney General Platkin emphasized the importance of this tool, stating, “As financial exploitation of seniors and other vulnerable adults increases nationwide, New Jersey is making it easier than ever for investment professionals to comply with their responsibility to report it.” He noted that using the SAFE Portal could help prevent scams that threaten at-risk individuals' financial security.
Cari Fais, Director of the Division of Consumer Affairs, highlighted that many victims are unaware they are being exploited until it's too late. She remarked, “Investment professionals are intimately familiar with their clients’ finances and therefore are often the first to notice when something is amiss.”
The SAFE Act requires brokers or advisers suspecting exploitation to notify both the Bureau and local adult protective services. Compliance allows them to delay transactions from victim accounts for further investigation.
Since its implementation in April 2020, over 1,200 cases have been reported under the SAFE Act. Previously submitted via email narratives, these reports can now be uploaded directly into a digital system through the new portal.
Elizabeth Harris, Chief of the Bureau of Securities, praised registered financial professionals for their diligence in reporting suspected abuses: “Our new SAFE Portal makes it easier for them to submit reports to the Bureau and provides that information to us in a manner that quickly facilitates our review.”
Financial professionals can access this new portal on the Bureau’s website.
