Several insurance trade groups are making clear to the new federal Consumer Financial Protection Bureau that while the insurance industry supports the agency's moves to stop exploitation of seniors during the sale of financial products, the agency has no jurisdiction over insurers or agents.
The industry's views were contained in comments sent to the agency in response to a request for comment on whether the agency should act to regulate the use of financial advisor certifications and designations regarding the sale of investment products to seniors.
The issue of senior designations was included as part of a request for comment on a package of options available to deal with the exploitation of seniors and impose "best practices" in the sale of investment products to them.
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