On February 5, 2018, FINRA enacted a new rule to help protect investors from financial exploitation and fraud. This rule requires all brokerage firms to ask their retail customers to provide the name and contact information for a Trusted Contact Person the firm may contact in the event of possible financial exploitation or fraud.
A Trusted Contact Person is a person that you authorize your brokerage firm to contact if your broker has a reasonable belief that your account may be exposed to possible financial exploitation or fraud. A trusted contact person must be at least 18 years old.
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