Older Americans Lost At Least $2.9 Billion to Financial Exploitation in 2010

To help thwart the rising use of misleading, fraudulent and deceptive designations and certifications, the CFP Board is urging the Consumer Financial Protection Bureau (CFPB) to create a ratings system for such credentials.

In a comment letter on Monday, the Certified Financial Planner Board of Standards told the CFPB that fraudulent certifications are mostly used to exploit seniors. "The financial exploitation of older Americans is a pervasive national consumer protection issue, and there are no effective resources on the federal level that allow for seniors to evaluate certifications and designations or deter their misuse," CFP Board CEO Kevin Keller wrote. Read more >

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Melanie Waddell
August 21, 2012