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April 25, 2009

Questions To Ask About "Questions To Ask Your Structured Setllement Broker"

by Structured Settlement Watchdog

Appearing among the tips in a text link ad filled Google alert for structured settlements today:

"#1. Are you a member of NSSTA? The National Structured Settlements Trade Association is a reputable regulatory body within this industry. A broker who takes the time and makes the effort to join the NSSTA is bound to follow their guidelines on responsible behavior. This makes it more likely that you have found a reliable and trustworthy agent to work on your behalf".

FACTS:

  1. The National Structured Settlements Trade Association (NSSTA) is a TRADE ASSOCIATION.

  2. NSSTA IS NOT A REGULATORY BODY. As such the word "reputable" cannot logically be associated with NSSTA, in the capacity of "regulatory body".

  3. NSSTA does not have "guidelines for responsible behavior".

  4. NSSTA does have a published code of ethics.

It is my experience that most settlement consultants are ethical,  yet it is a shame that NSSTA has not historically enforced or administered its code of ethics and has appointed members to committee positions whose actions appear to have violated its code of ethics.  Some say that its not a trade association's place to act as a "traffic cop".  Yet when you post a code of ethics, imply that members are bound by it in promotional material perhaps it crosses a line.

What do you think?

 

Posted at 08:50 PM in NSSTA, Structured Settlement Watchdog® |

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