CONTACT: Bill Reilly
PHONE NUMBER: (850) 410-9783
TALLAHASSEE, FL – Effective January 18, 2009, the Office of Financial Regulation has new rules prohibiting financial professionals from using misleading senior and retiree professional designations, and allows the Office of Financial Regulation to prosecute against any person who violates these rules.
Investors often have insufficient information about the certification or designation when trying to determine whether the professional certifications and designation represents meaningful educational achievement or is merely a marketing tool. “Understanding the qualifications of who you are investing with is crucial when making financial decisions,” said Office of Financial Regulation Acting Commissioner Alex Hager.
On December 9, 2008, the Florida Financial Services Commission approved new rules prohibiting the misleading use of senior and retiree professional certifications and designations. The new rules will be enforced by the Office of Financial Regulation and are based on the North American Securities Administrators Association’s (NASAA) Model Rule on Senior Designations.
“AARP applauds this step by Governor Crist, the Cabinet and the Office of Financial Regulation,” said Lori Parham, AARP’s Florida state director. “Floridians 50+ depend on state regulators to make sure that they can rely on the credentials of financial professionals advising them on vitally important business matters. When people selling financial products misuse titles to wrongly imply they have special certification in advising of elders or retirees, older Floridians can be put at serious risk.”
Investors can get a better understanding of professional designations on the FINRA website
www.finra.org under “Professional Designation Database”. The database provides detailed information about the educational and experience requirements needed for each designation.
The Florida Office of Financial Regulation encourages investors to thoroughly investigate investment offerings and to call their consumer helpline 1-800-848-3792 to determine if the company, broker and investment are legitimately registered, and if they have a complaint history.
About the Florida Office of Financial Regulation
The Office of Financial Regulation (Office) is dedicated to safeguarding the private financial interests of the public by licensing, chartering, examining and regulating depository and non-depository financial institutions and financial service companies in the State of Florida. The Office protects consumers from financial fraud, while preserving the integrity of Florida’s markets and financial service industries. Please visit our website at www.flofr.com or call us toll free at 800-848-3792 or directly at 850-410-9898.
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