Outreach Efforts

While IMCA is not a lobbying organization, it does occasionally respond to important regulatory issues that impact IMCA’s marks.

Literature Review of Fiduciary Standard Implications Submitted to SEC  

In July 2013, IMCA provided the Securities and Exchange Commission (SEC) with a compilation of recent academic studies on the cost of financial advice. During meetings in the spring of 2013 with SEC commissioners, IMCA floated the idea of a literature review, and received encouragement from the commissioners to do so. IMCA’s comments, among more than 150 letters received by the SEC, were unique because IMCA did not take a position on the regulation of fiduciary advice.

In a cover letter accompanying the study and signed by IMCA Chair Betsy Piper/Bach and Chief Executive Officer Sean Walters, IMCA stated that, “given the potential impact of the adoption of a uniform fiduciary standard on IMCA’s marks, and in particular, on the Code of Professional Responsibility and Standards of Practice to which IMCA designees must subscribe, we believe it is important to contribute to the SEC’s review by offering an independent survey of relevant academic literature.”

Click here for the cover letter, and click here for the entire literature review.

Accredited Certification Programs Help Protect Seniors – Response to CFPB

Responding to a request from the Consumer Financial Protection Bureau (CFPB) for comments related to senior financial exploitation, IMCA submitted a letter illustrating the importance of accredited financial certifications. The majority of financial credentialing programs meet no third-party standard, increasing concerns about consumer protections, the letter says.

Click here to view the letter, which was delivered to the CFPB in August 2012 and provides supplemental comments to a letter American National Standards Institute (ANSI) submitted.