Training Resources for Financial Agents
Public Act 15-236 also requires financial agents (as defined by CGS §32-350) to participate in mandatory training to detect elder fraud, exploitation and/or financial abuse. The following training module has been produced by the Legislative Commission on Aging (now part of the Commission on Women, Children and Seniors) in partnership with Jewish Senior Services, Center for Elder Abuse Prevention. The module provides general information about recognizing red flags that may indicate a person is being victimized and reporting information. For more information about compliance with the law, please see here.
Training Resources
Training Module
Need the training module in a PDF format? Click here to download the PDF file.
Consumer Education
Financial agents have an opportunity to help prevent financial exploitation by empowering older adults and caregivers with information.
Below are a few consumer education resources.
Basics and Compliance
What is the law?
Public Act 15-236 requires financial agents to participate in mandatory training (this is different than mandatory reporting) to detect potential elderly fraud, exploitation, and financial abuse, including using the commission’s portal. Financial agents must complete the training within the later of six months after the commission establishes its portal or beginning employment. The portal was established on January 1, 2016.
Who Needs to Comply?
PA 15-236 requires financial agents to participate in mandatory training. “Financial agent” means an officer or employee of a financial institution, as defined in CGS §32-350. This applies to officers or employees of banks, savings banks, credit unions, trust companies, savings and loan associations, insurance companies, investment companies, mortgage bankers, trustees, executors, pension or retirement funds, other fiduciaries, and private financial institutions who:
- Have direct contact with an elderly person within the scope of employment or professional practice or
- Review or approve an elderly person’s financial documents, records, or transactions.
If you have read the PA and the CGS and have remaining questions regarding for whom this applies, we encourage you to contact your company’s legal counsel
How to Comply?
Monitoring: Public Act 15-236 mandates that this training for financial agents be completed within the later of six months after the commission establishes its portal or beginning employment. The portal was established on January 1, 2016.
However, it does not specify how compliance will be monitored nor does it charge the Commission on Women, Children and Seniors or any other state agency to do so. Therefore, personal information will not be tracked on the portal. As the responsibility is on the employer to train, we suggest employers keep in their files basic information, including: 1) name, 2) date of training and 3) type of training/resources utilized.
Training: The Training Module and the Quick Notes Training Summary featured on this website must meet the needs of a wide range of industries, so it is quite general. The portal also features a clearinghouse of various trainings and resources specific to various industries.
If your company has a more comprehensive training and it features many of the basic elements contained in our Training Module and Quick Notes Training Summary, that will suffice.
Additionally, we encourage you to contact your legal counsel for specific interpretation of your company’s compliance with the Public Act.
What is Financial Exploitation?
The act of taking advantage of an older adult for monetary, personal or other benefit, gain or profit. If illegal, may be: larceny, theft, identity theft, false instrument, fraud, forgery, embezzlement.
What is Protective Services for the Elderly?
Protective Services for the Elderly (PSE) is a program operated by the Connecticut Department of Social Services. The program is designed to safeguard people age 60 and older from physical, mental and emotional abuse, neglect and abandonment, financial abuse and exploitation. PSE investigates reports of abuse, neglect, abandonment and exploitation and provides intervention and crisis management.
Who Do You Call?
Call law enforcement if a crime is suspected (i.e. check fraud, forgery, suspicious transfers, concerning behavior of adults accompanying the older adult, observation of hostile interaction)
Call Protective Services for the Elderly (PSE) at the CT Department of Social Services if you have concerns about a personal well-being or safety of an older adult.
- If you have concerns about personal well-being and safety of a vulnerable party
- If you have concerns about financial activity and behavior
- Whenever possible or appropriate, obtain consent or encourage a joint report to PSE in the client’s presence
In state referral line 1-888-385-4225
After Hours or Out of state call Infoline 1-800-203-1234
Industry Resources
General Resources
The following training module provides general information about recognizing red flags that may indicate a person is being victimized and reporting information. It was produced by the Legislative Commission on Aging (now part of the Commission on Women, Children and Seniors) in partnership with Jewish Senior Services, Center for Elder Abuse Prevention.
Below the training module are links to other general training materials that may help to identify financial exploitation and can be used to train employees.
- Dementia and Financial Management
BROKEN LINK Wells Fargo - Protecting the Elderly and Vulnerable from Financial Fraud and Exploitation
BROKEN LINK BITS Financial - At Risk Adults Training Curriculum
BROKEN LINK New England Bankers Association - An Introduction to Elder Abuse for Professionals: Financial Exploitation
National Center for Elder Abuse
Banks, Savings Banks, Credit Unions, Savings and Loans Organizations and Mortgage Lenders
The following training module provides general information about recognizing red flags that may indicate a person is being victimized and reporting information. It was produced by the Legislative Commission on Aging in partnership with Jewish Senior Services, Center for Elder Abuse Prevention.
Below the training module are links to other materials that the banking industry may find helpful in identifying elder abuse and training employees.
- Preventing Elder Financial Exploitation Full Training
Connecticut Elder Justice Coalition - Preventing Elder Financial Exploitation Review Sheet
Connecticut Elder Justice Coalition - Interagency Guidance on Privacy and Law and Reporting Financial Abuse of Older Adults
FDIC - Fraud Videos: Protecting Seniors from Financial Exploitation
Attorney General of Texas - Be Wise. Recognize and Report Elder Abuse.
Elder Financial Protection Network - Financial Exploitation Bank Training Materials
Massachusetts Bank Reporting Project
Financial Abuse and Exploitation – Insurance Companies
The following training module provides general information about recognizing red flags that may indicate a person is being victimized and reporting information. It was produced by the Legislative Commission on Aging in partnership with Jewish Senior Services, Center for Elder Abuse Prevention.
Additionally, below the training module is a link to a training PowerPoint created by an insurance company for their employees. As we identify additional materials, we will link to them below.
- Elder Abuse Training
(thanks to Mass Mutual for providing this resource)
Investment Companies, Pension Funds, Retirement Funds
The following training module provides general information about recognizing red flags that may indicate a person is being victimized and reporting information. It was produced by the Legislative Commission on Aging (now part of the Commission on Women, Children and Seniors) in partnership with Jewish Senior Services, Center for Elder Abuse Prevention.
Below the training module are links to other materials for the investment industry that may be helpful in identifying elder abuse and training investment company employees.
- Working with Senior Investors
Morgan Stanley - How to Stop Elder Abuse
Insurance News - Fraud Fighting Partner Toolkit
FINRA Investor Education Foundation - Elder Abuse Training
(thanks to Mass Mutual for providing this resource
Trust companies, Trustees, Executors, Other fiduciaries
The following training module provides general information about recognizing red flags that may indicate a person is being victimized and reporting information. It was produced by the Legislative Commission on Aging (now part of the Commission on Women, Children, Seniors, Equity and Opportunity) in partnership with Jewish Senior Services, Center for Elder Abuse Prevention.
Below the video are links to other materials that may be helpful in identifying elder abuse and training for yourself or employees.
- Managing Someone Else’s Money
Consumer Financial Protection Bureau (CFPB) - Durable Power of Attorney Abuse: A National Center on Elder Abuse Fact Sheet for Consumers
BROKEN LINK National Center on Elder Abuse
Other
The following training module provides general information about recognizing red flags that may indicate a person is being victimized and reporting information. It was produced by the Legislative Commission on Aging (now part of the Commission on Women, Children and Seniors) in partnership with Jewish Senior Services, Center for Elder Abuse Prevention.
Below the training module are links to other general materials that may be helpful understanding financial exploitation.
- Mandatory reporting laws by state
National Adult Protective Services Association - National Strategy Needed to Effectively Combat Elder Financial Exploitation
United States Government Accountability Office (GAO)