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business Tuesday 1 March 2022
Why you (and I) should name a 'trusted contact'

By LIZ WESTON of NerdWal- trusted contact, because than 369,000 cases of finan-
let it can really head off any cial fraud of older adults
For the past few years, fi- fraud or exploitation before are reported to authorities
nancial services compa- it snowballs out of control," each year, causing an esti-
nies have been bugging says Amanda Singleton, a mated $4.84 billion in losses,
me to name a "trusted con- family caregiving expert for according to a January re-
tact." Banks, brokerages AARP and an estate plan- port by Comparitech, a cy-
and insurers increasingly ning attorney in St. Peters- bersecurity research com-
want to have someone to burg, Florida. pany.
call or email in case they TRUSTED CONTACTS CAN'T But this kind of fraud is no-
notice suspicious activity MAKE CHANGES toriously underreported ,
and can't reach the ac- Naming a trusted contact often because victims are
count holder. doesn't give that person au- embarrassed, worried that
I ignored these requests. thority over your accounts others will think them inca-
Trusted contacts are a or the ability to see bal- pable, or protective of the
great idea for older people ances or make changes, perpetrators, who may be
experiencing cognitive de- explains Gerri Walsh, senior loved ones, caregivers or
cline, I thought, but that's vice president of investor neighbors. Comparitech
not me. education at the Financial estimates the real toll may
Then a younger friend de- Industry Regulatory Author- be 8.68 million cases and
veloped early-onset de- ity, known as FINRA. FINRA This undated file photo provided by NerdWallet shows Liz Weston, more than $113.7 billion in
mentia, and I realized we is the nongovernmental or- a columnist for personal finance website NerdWallet.com. losses each year.
don't always get enough ganization that regulates Associated Press To help reduce that toll,
warning to put such pro- the securities industry, in- two new FINRA rules were
tections in place. cluding brokerages. cessor trustee of your living a close friend, an attorney approved in 2017 . The first
Clearly, trusted contacts Instead, your trusted con- trust. or some other trusted per- allows brokerages to put
aren't just good for older tact can help financial You aren't required to son that the financial insti- temporary holds on with-
people. Anyone's financial services companies reach name a trusted contact, tution can reach out to for drawals when financial ex-
accounts could be vulner- you (if you're reachable) or but financial services com- extra help to try to reach ploitation is suspected, and
able if they're displaced by identify others who might panies — along with regu- you," says Deborah Roys- the second requires broker-
natural disaster, wind up in help. If you're incapaci- lators and consumer ad- ter, assistant director for the ages to "make reasonable
the hospital, suffer a brain tated, for example, your vocates — recommend Consumer Financial Pro- efforts" to get customers to
injury or are traveling and contact might connect it. You can change your tection Bureau's Office for name trusted contacts.
hard to reach. Helping your the company to your legal trusted contact whenever Older Americans . So far, other financial ser-
brokerage, bank or insurer guardian or the person with you want, or name more A TRUSTED CONTACT COULD vices companies such as
connect with someone power of attorney over than one. Ideally, a trusted THWART FRAUD banks, credit unions and
who knows what's going your accounts. If you've contact is someone you're The push to name trusted insurers don't have similar
on in your life could protect died, your trusted person confident will protect your contacts started out of rules. Even so, some are
your money and prevent fi- could provide contact in- privacy and act responsi- concern for older Ameri- offering the opportunity to
nancial catastrophe. formation for the executor bly. cans being scammed out name trusted contacts on
"I love the idea of the of your estate or the suc- "It could be an adult child, of their life savings. More accounts, Royster says.q

BP exiting stake in Russian oil and gas company Rosneft

By DEE-ANN DURBIN Rosneft said it was informed longer aligned with BP's
BP said Sunday it is exit- of BP's decision Sunday. business and strategy and
ing its share in Rosneft, a "BP has come under un- it is now the board's deci-
state-controlled Russian oil precedented pressure from sion to exit BP's sharehold-
and gas company, in reac- both the regulator and its ing in Rosneft," Lund said in
tion to Russia's invasion of shareholders. BP's decision a statement.
Ukraine. was preceded by a West- BP's action was an abrupt
BP has held a 19.75% stake ern media campaign full turnaround from earlier
in Rosneft since 2013. That of false reports and con- this month. During a con-
stake is currently valued at clusions," Rosneft said in a ference call with investors
$14 billion. statement on its website on Feb. 8, Looney down-
London-based BP also said that was translated by The played concerns and said
its CEO, Bernard Looney, Associated Press. there were no changes to
and former BP executive "The decision of the largest the company's business in
Bob Dudley will immedi- minority shareholder of Ros- Russia.
ately resign from Rosneft's neft destroys the success- "Let's not worry about things A view of the BP logo at a petrol station in London, Tuesday, Aug.
board. ful, 30-year-long coopera- until they happen. And 1, 2017.
"Like so many, I have been tion of the two companies." who knows what's going to Associated Press
deeply shocked and sad- BP Chairman Helge Lund happen?" Looney said.
dened by the situation un- praised the "brilliant Russian Kwasi Kwarteng, the U.K.'s nesses with commercial billion charge for foreign
folding in Ukraine and my colleagues" BP has worked secretary of state for busi- interests in Putin's Russia," exchange losses that have
heart goes out to everyone with for decades, but said ness and energy, said he Kwarteng said in a tweet. accumulated since 2013.
affected. It has caused us Russia's military action "rep- welcomed BP's decision. BP said it will take two It is not clear exactly how
to fundamentally rethink resents a fundamental "Russia's unprovoked inva- non-cash charges in the BP will unwind its holdings,
BP's position with Rosneft," change." sion of Ukraine must be a first quarter to reflect the or who might step up to
Looney said in a statement. "The Rosneft holding is no wake up call for British busi- change, including an $11 buy them. q