FINRA, the North American Securities Administrators Association ("NASAA") and the SEC Office of Investor Education and Advocacy ("OIEA") urged investors doing business with a financial firm to name one or more trusted contacts. The agencies explained that a trusted contact can be any reliable third party (e.g., a family member or attorney) who would be authorized to receive limited communications from the financial firm. The agencies stated that such communications may include those regarding suspicious activity in the investor's account or notices if the investor is unreachable.
In connection with the campaign, NASAA established a webpage on trusted contacts and published an infographic making clear that a trusted contact cannot trade in or make decisions about the investor's account.
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