The Protection of Vulnerable Adults from Financial Exploitation act mandates reporting to the Alabama Securities Commission and the Alabama Department of Human Resources by “qualified individuals” (agents, investment adviser representatives, and persons who serve in a supervisory, compliance, legal, or member capacity of a broker-dealer or investment adviser) who reasonably believe that financial exploitation of a vulnerable adult may have occurred, been attempted, or is being attempted. The Act also contains the following key provisions:

• Qualified Individuals who suspect financial exploitation may delay disbursing funds from a vulnerable adult’s account;
• Provides immunity from administrative and civil liability for actions taken consistent with the Act;
• Requires that broker-dealers and investment advisors comply with certain requests for information.
• Authorizes disclosure to third parties in certain instances where a vulnerable adult has a legal relationship with the third party; and
• Prohibits disclosure to the third party if the qualified individual suspects the third party of the financial exploitation.

Complaint Procedure:

If you are a "qualified individual" and wish to report financial exploitation of a vulnerable adult, please see the below links:

• ONLINE SUBMISSION - To complete and submit a complaint online, please click here for the online form.
• OFFLINE SUBMISSION instructions for reporting allegations of Adult Financial Exploitation (PDF Format)

***For all other complaints, please visit this link: ASC Complaint Procedure.***

Additional Information:

• Protection of Vulnerable Adults from Financial Exploitation Act
• Protecting Vulnerable Adults from Financial Exploitation general guidance: A Guide for Alabama Broker-Dealer and Investment Adviser Firms
• Alabama Department of Human Resources
• Alabama Legislature passes Vulnerable Adults From Financial Exploitation press release : Protection of Vulnerable Adults from Financial Exploitation Act passed.