Hundreds of Older Investors Call New Finra Hotline

A new regulatory hotline for older investors has been getting hundreds of calls from seniors seeking more information about investment products and in some cases reporting broker misconduct or delays in getting problems at brokerages resolved. The Financial Industry Regulatory Authority, Wall Street’s self-regulator, in late April established its toll-free Securities Helpline for Seniors, at 1-844-57-HELPS (1-844-574-3577). As of Tuesday, 350 calls had come in within about four weeks, says Susan Axelrod, Finra’s head of regulatory affairs. Issues raised by callers have ranged from fraud to questions such as “What is an annuity?” Ms. Axelrod says. Callers want to know how to compel brokers to give them access to account documents of deceased parents and how to check a broker’s regulatory record. More in the Wall Street Journal here.