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