Notes

Law to Protect Whistleblowers
According to Investment Counseling and Arbitrage Business Association (ICBA) and Financial Planning Association (FPAA) regulations, Investment advisers are required to have proper legal qualifications. This means that all advisers must pass the Legal Skills Test (LST) from The Association of Independent Financial Advisors (AIFFA). An investment adviser must also pass a minimum of two years of law school and at least five years of business experience. Moreover, they are expected to be a member of the FINRA or the Securities and Exchange Commission (SEC).

The IIPA and FPA regulations on investment adviser compliance were recently strengthened. In essence, the IIPA considers an investment adviser to be a "suitably qualified person" who is engaged in the business of advising another company on investment issues. Therefore, all advisers are required to pass the necessary exams. Apart from this requirement, they can only be admitted into a registered investment advisor scheme (RIA) if they also pass an examination performed by the FINRA.

Apart from passing the Legal Skills Test (LST), an investment adviser must also pass the Business Development and Risk Management (BDMR) examination. However, the test is only applicable to accredited high street investment banks and investment management consultancies. According to FINRA regulations, an investment adviser must also undertake "appropriate training" once in a while. This training is meant to equip him or her with the skills required for performing his or her duties. However, the IIPA warns against the self-certification of a consultant's proficiency. Under the new Act, an investment adviser can only be certified if he or she passes both the LST and the BDR examinations.

The IIPA said that many firms offer a wide range of investment adviser services to UK clients. However, most of these firms do not actually provide the best services. They may offer a wide range of investment adviser services such as financial consultation, investment proposals, financial advising, asset allocation, portfolio management and investment strategy. However, some of them may even claim to be professional consultants, but their products are actually mere "ambulance chasers". Such firms should therefore not be allowed to function through direct mail, phone calls, or referrals.

According to the IIPA, there is no point in investing if you are not sure of how your investment adviser will act towards you. Therefore, it is important that you make sure your investment adviser is reputable enough. This can be ensured by ensuring that he or she has passed the necessary examinations. You can also ensure regulatory compliance by choosing to work with an IIPA member firm. A member firm is obliged to comply with the IIPA's requirements, which includes maintaining a minimum number of investment adviser clients, conducting annual and regularly-updated checks on their IIPA members, and holding itself out to be a highly regulated firm by all legal means (i.e. having an authorized and competent director).

If your investment adviser does not have the requisite legal qualifications and/or does not have a member certificate, then you should consider using an alternative service that is qualified to provide the investment adviser services you require. A good alternative service is one that is certified by the Investment Careers Association, a regulatory body formed by the Financial Services Authority. The IIPA also maintains a dedicated helpline for IIPA members who may need help with any issues they may have regarding investment adviser law. Finally, RIA compliance consultant, whistleblower attorney, law on whistleblower, investment adviser regulation services, investment lawyer can always ask the IIPA for their advice regarding a particular investment adviser and whether or not it would be advisable for you to work with that person. You may also find it useful to look into the FAQ's section within their website.
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