I have seen the damage that an unlicensed financial advisor has done to a family friend, that is the reason I have a bee in my bonnet.
Obviously when someone is licensed in any industry it means that they have rules and regulations to follow, unlicensed operators do not have to worry about such rules that are in place to protect the consumer. For example, in the financial services industry a licensed entity would have insurance for negligent misstatements, where I doubt an unlicensed operator would be able to obtain such insurance without a license. A licensed advisor can not be telling people to buy a security while selling themselves, if I remember correctly that is what landed Rivkin in jail.
I agree with you "licence is at times a licence to legally lead investors over the cliff." in my opinion there needs to be more regulation with harsher punishments that is monitored to a greater extent, as there are a lot of people in the community that need protecting because they are not as financial savvy as I am sure you are.
All the best, I sincerely hope that the true value of your FML holdings ends up in your hands.
FML Price at posting:
3.2¢ Sentiment: Hold Disclosure: Not Held
