| Last week, investors’ attorneys went on the offensive in trying to snuff out advisors’ ability to expunge frivolous investor complaints. Through their captive non-profit foundation, the Public Investor Arbitration Bar Association (“PIABA”) released a 29-page document purporting to be the Foundation’s “Study” into FINRA’s customer dispute expungement process. As a surprise to literally no one, the findings of the “Study” were that regulators should implement a litany of changes to the expungement process immediately.
There is no longer any doubt that the few remaining rights of financial advisors are under attack by the likes of PIABA. AdvisorLaw encourages financial advisors to consider the implications of hiring a PIABA member if or when representation is needed. Public data shows that PIABA members have been hired by financial advisors hundreds of times in the preceding five years. Whether the advisors knew of their representation’s affiliation with PIABA is unknown.
Although it would not rise to the level of funding a terrorist organization, reps whom hire a PIABA member may be perceived as aiding in the attack on all financial advisors. Through PIABA’s website (PIABA.org), advisors can vet potential representation against a list of PIABA members.
If you find yourself in need of representation and you prefer working with those who continue fighting for the rights of financial professionals , AdvisorLaw is the right call to make.
Give me a call, I’m available today to discuss the viability of your case at no charge.
Regards, Josh Barber Executive Director AdvisorLaw |
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