In response to the request from Consumer Financial Protection Bureau (CFPB) for comments related to senior financial exploitation, IMCA submitted a letter illustrating the importance of accredited financial certifications.
And in the letter, IMCA claimed that that the majority of financial credentialing programs meet no third-party standard, increasing concerns about consumer protections.
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Additionally, the letter provides supplemental comments to a letter that American National Standards Institute (ANSI) had submitted.
It was ANSI that had accredited IMCA’s Certified Investment Management Analyst CIMA certification in 2011.
The letter has stated that according to ANSI, the best manner to determine legitimacy, value and authenticity of credentials is through a national or international standard designed for organizations that certify individuals.
"The most effective way for seniors and all financial consumers to truly determine the value and competency of a financial advisor is to ascertain the credibility of the advisor’s qualifications. A certification earned through a properly administered financial certification program provides comfort that the advisor has mastered advanced skills and knowledge," said Betsy Piper-Bach, chairman of IMCA’s board of directors.
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