Main(e) Industry Issues

Meeting-from-AboveAs part of FSI’s State Outreach Plan, FSI members and staff traveled to Maine for a meeting with Judith Shaw, the Administrator of the Maine Office of Securities and her staff in Gardiner, Maine. The meeting included FSI President & CEO Dale Brown, FSI’s Jigar Gandhi, FSI Board Chair Mike Mungenast, along with FSI member Max Berueffy of Protective Life., and was the result of an earlier conversation about possible elder abuse prevention initiatives in Maine. The purpose of the meeting was to elaborate on that discussion and also to discuss financial literacy initiatives.

The meeting began with discussing FSI, its advocacy mission, and describing the typical member firm and the unique features of the independent broker-dealer business model. Meeting attendees also spoke about our members’ commitment to compliance and our efforts to foster that culture of compliance.

The main issue discussed was abuse of the elderly and how to prevent it in the financial sector. Maine has been quite proactive with this, and Shaw herself is co-founder of Maine’s Council for Elder Abuse Prevention, which is holding a Summit next month to address and examine some of these issues. The Council is a partnership of approximately 40 government agencies in Maine and private industries.

The other significant initiative coming out of Maine on this front is the Senior$afe program, which the Council rolled out this past January. The Senior$afe program assists financial institution employees in “identifying and referring suspected cases of elder financial abuse.” We support the Council’s initiatives and efforts and look forward to collaborating with them in the near future.

Other issues discussed at the meeting included financial literacy efforts on both sides (Shaw is the Vice President of Maine’s Jump$tart Board), recent changes to FINRA’s proposed supervision rule and efforts to increase due diligence and compliance.


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