Latest news with #financialProfessionals
Yahoo
20 hours ago
- Business
- Yahoo
IMA expands Competency Framework for accountants
The Institute of Management Accountants (IMA) has announced the expansion of its Competency Framework at the annual IMA Accounting and Finance Conference. The enhanced blueprint is designed to define the professional needs of management accountants and financial professionals, developing solutions that include education, certification, skills development, research, and insights. This initiative ensures that practitioners remain 'strategic business partners'. The new framework incorporates skills that are increasingly necessary in the modern business landscape, addressing broader, cross-functional competencies. These skills are crucial for finance and accounting professionals and enable IMA to connect with individuals in related fields such as data analysis, business operations, information technology, and project management. These professionals often collaborate with finance teams and face similar objectives and hurdles. IMA president and CEO Michael DePrisco said: 'The IMA Competency Framework is a fresh, future-ready blueprint designed to guide your growth and development. It's built to reflect where accounting and finance are going, not just where they've been, and the skills and competencies required for success. It's about giving professionals the confidence and clarity to own their next move and the knowledge and tools to prove it.' IMA's updated blueprint underscores the significant role and the evolving abilities required in the accounting profession. The offerings from IMA now mirror the fundamental capabilities necessary to excel in current job roles and future career opportunities. The framework is particularly beneficial for businesses and enterprises, where IMA's programmes are grounded in a competency model that is relevant across various finance and accounting positions, ensuring that learning is aligned, scalable, and directly connected to business outcomes. The comprehensive framework outlines each domain and the associated competencies, providing actionable advice for professionals, employers, organisations of different sizes and industries, educators, and regulators. Earlier in April 2025, the IMA reaffirmed its commitment to the global accounting community by renewing its associate membership with the ASEAN Federation of Accountants (AFA). "IMA expands Competency Framework for accountants" was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
17-06-2025
- Business
- Yahoo
Arcontech Excelerator. A performant, stress-free alternative to migrating to LSEG Workspace Excel Add-in
LONDON, June 17, 2025 /PRNewswire/ -- For the thousands of financial professionals who rely on the established functionality and market sheets in Excel, Arcontech confirms it will continue to support that familiar functionality with its Excelerator real-time Excel Add-In, avoiding disruption and the need to migrate large and complicated worksheets. A seamless drop-in for LSEG data consumption, Excelerators "compatibility" mode means that when installed users are unaware of Excelerators adoption of their existing worksheets whilst at the same time they can continue to use all the function calls and formulae that are second nature when creating value from the data they consume. There are no transfers or migrations, it simply works. Excelerator is available as a standalone product or together with an interoperable market data terminal display. With the ability to ingest data from RTDS or directly from any market data vendor, singularly or as a combination, Excelerator Desktop is the ideal replacement to a second terminal at a reduced cost. There is absolutely no compromise on the quality of data which when permissioned can still be sourced from LSEG, Bloomberg B-PIPE, any other vendor or internal source. Used by numerous Tier 1 banks with global deployments in multiple hundreds, Arcontech Excelerator has developed a reputation as the pre-eminent real-time Excel Add-In for the financial market professional whilst helping clients realise maximum value by consuming the data they want, in a manner they are familiar with. About Arcontech Arcontech Group Plc (LSE: ARC) is the leading independent provider of financial market-data infrastructure and display solutions. With multi-source data collection, value added processing, publishing, distribution and display, Arcontech provides a highly performant, cost effective and flexible alternative to traditional market data infrastructure or building it in-house. Solutions can be "off-the-shelf", customised or completely new developments; Cloud, On-prem or Hybrid. Our deep domain knowledge and automated test suite ensure the right solution at the right time at the right price. We are also Bloomberg, Refinitiv and Symphony development partners underlining our independence and ability to deliver viable, value added, vendor agnostic solutions to meet financial institutions real-time market data workflow needs. Our clients include Global Tier 1 and Tier 2 financial market participants along with key market regulators. For more information about us and what we can do for you, please visit: Enquiries: support@ SOURCE Arcontech Group Plc Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
11-06-2025
- Business
- Yahoo
Been a victim of annuity fraud? Here's how to report scams
Annuities are often marketed as reliable retirement income tools, but the reality is more complicated. While annuities can be beneficial for the right person in the right situation, the industry is still dogged by a history of scams and unethical practices. These scams aren't always outright fraud. Sometimes they're technically legal but still predatory. Either way, these scams can be devastating. After all, your retirement savings are on the line. If you or someone you know is considering an annuity, it's essential to recognize the red flags. And if you've already been burned by a scam, it's important to understand your options. Here's everything you need to know. Annuity scams come in many forms. But the result is usually the same — the consumer loses money, access or trust. Here are four of the most common types of annuity-related frauds. Churning happens when an insurance agent convinces you to switch from one annuity to another — not because it benefits you, but because it generates a fat commission for them. The agent might claim the new product has better terms or features. But in reality, you're often hit with surrender charges, new lockup periods and subpar benefits. This kind of abuse violates state and federal rules requiring financial professionals to act in your best interests. However, some agents push annuities that clearly don't meet the needs of the client — and the results can be disastrous. In 2023, the Securities and Exchange Commission (SEC) accused advisor Jeffrey Cutter of deceiving clients by pushing certain annuities to earn over $9 million in undisclosed commissions. Cutter allegedly engaged in annuity churning — repeatedly encouraging clients to sell and replace annuities, even when it triggered costly surrender charges. After Paul and Sue Rosenau won the Powerball in 2008, they set up a charitable foundation and hired an advisor to help. But in 2024, the Financial Industry Regulatory Authority (FINRA) ordered Principal Securities to pay $7.3 million in damages after evidence showed one of their advisors steered the foundation into over $47 million in high-cost variable annuities — earning about $3.3 million from commissions in the process. These annuities offered little benefit to a tax-exempt nonprofit, while locking up funds and charging steep fees. Cheaper alternatives existed, such as index funds and mutual funds— but the advisor put his own financial interests ahead of his clients'. By 2017, despite a booming stock market, those investments had actually lost value — dropping from $28.3 million to $26.3 million. Another tragic example involves Jay Jacobson, an 84-year-old man with dementia who was sold $2 million worth of annuities he couldn't access, leading to his suicide. This kind of behavior is unethical at best and illegal at worst. But it still happens — especially when firms fail to supervise their agents. Scammers often hide behind impressive-sounding but meaningless titles like 'Certified Senior Advisor' or 'Annuity Consultant.' These labels may sound official, but they're often handed out by pay-to-play organizations with little or no training requirements. At seminars and over the phone, these fake titles are used to gain your trust. But the person giving you advice may not be qualified or legally required to act in your best interests. You can use FINRA's financial designations database to figure out what the letters after a financial advisor's name really mean. You'll see what training is needed (if any), continuing education requirements and if the organization behind the credential accepts complaints. That's helpful, considering the sheer number of titles in finance; there are over 200 designations logged in FINRA's database. Free dinner seminars may be marketed as educational, but they're usually sales pitches in disguise. Presenters may claim annuities are tax-free (they're not — they're tax-deferred), risk-free (also false) or 'better than a 401(k).' Some even claim an annuity is backed by the government. None of that's true. No investment is risk-free, and unlike an FDIC-insured bank account, annuities aren't backed by the federal government. Once you're in the room, though, the pressure ramps up. You may be asked to sign documents immediately or risk 'missing out' on a limited-time offer. These tactics are designed to override your ability to think clearly — or consult with someone you trust. Legitimate professionals won't mind if you want time to review documents or talk to someone else. If they act angry or annoyed, that's a huge red flag. Factoring companies promise quick cash in exchange for your future annuity payments. Here's how it works: You agree to sell your guaranteed stream of payments for a lump sum today — your chance to 'get cash now.' However, it's almost always a terrible deal. These companies can buy your payments for pennies on the dollar. In 2015, a Washington Post investigation exposed how factoring companies exploit vulnerable people with structured settlements — court-ordered agreements that pay out over time, often for life, similar to an annuity. The Post found that Access Funding, a Maryland-based firm, frequently targeted lead poisoning victims, many of whom were poor and young. Victims were often paid as little as 9 to 21 cents on the dollar of present value for their structured settlement payments. Future annuity payments, like future structured settlement payments, can be sold to factoring companies, which often use aggressive marketing. If you're struggling to pay medical bills or cover basic expenses, the pitch can feel like a real lifeline. But in reality, it's a trap. Getting scammed can be overwhelming, but you're not powerless. Here's what to do if you think you've been misled, exploited or outright defrauded. The first step is to report the scam. The sooner you act, the better your chances of stopping future damage and potentially recovering some of your money. If an insurance agent was involved, start by contacting your state insurance department. Many states have dedicated consumer protection units. You can usually file a complaint online or by phone. If the annuity had investment features — like variable returns tied to stock market performance — and was sold by a broker-dealer, you should also report the incident to the SEC and FINRA. You can file a complaint with the SEC here and with FINRA here. If the scam involved identity theft, impersonation or started online, file a fraud complaint with the Federal Trade Commission (FTC). The FTC tracks fraud patterns across the country and shares that data with law enforcement and other agencies to build legal cases. Even if you don't get your money back right away, creating a formal complaint builds a paper trail — and that can be critical if legal action is taken later. Don't try to untangle a financial scam by yourself — especially if large sums of money were involved. A qualified attorney who has experience with financial fraud, exploitation or elder abuse can help you sort out your options. They can review contracts, gather evidence and pursue compensation through individual lawsuits or class action suits. Legal action can also expose a wider network of fraud. If your advisor scammed you, they may have scammed others, too. A lawyer can help uncover additional victims. If you suspect financial abuse of an elderly person, some states have mandatory reporting laws and special legal procedures. Need help finding an attorney? Start with these resources: Find a lawyer through the National Academy of Elder Law Attorneys. Find free legal help through the American Bar Association. Visit to find information about your legal questions and access free legal forms. Annuity scams can drain your savings fast. Knowing how to spot the warning signs can help protect you from becoming a you sign anything, read the entire contract. If you don't understand it, don't sign anything. Always ask questions and get a second because someone says they're certified doesn't mean they are. FINRA's BrokerCheck is a free tool that lets you look up financial professionals and firms so you can verify their credentials, work history and any disciplinary someone's pushing you to make a decision immediately or warning that a deal won't last, walk away. It's a huge red you attend an educational event about retirement planning, assume there's a sales pitch coming. Bring a friend or family member for a second perspective. Don't sign anything on-site, and don't fall for too-good-to-be-true annuity contracts come with a free-look period — usually 10 to 30 days — where you can cancel without penalty. If something feels off after you sign, act fast and contact the insurance company directly to cancel it. Annuities can be a legitimate part of a retirement strategy, but it's important to be aware of misleading practices and outright scams in the industry. If you're buying an annuity, slow down, ask questions and verify everything. And if you've already been scammed, know your rights and the steps you can take to report the fraud. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
