Late last year, the Financial Industry Regulatory Authority (FINRA) proposed changes to rules affecting the accounts of investors over age 65. FINRA is a "self-regulating organization" (SRO) that governs brokers and other firms that sell securities to the public. FINRA is not a government agency but its rules are subject to approval by the SEC. FINRA claimed that these changes would improve the security of the accounts of older investors. Upon close examination, it appears to provide various types of protection to the brokers and other financial institutions, but little benefit to the investors. In fact, the overall effect might actually make the investor's position worse.