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 StructuredSettlements 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:
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The National Structured Settlements Trade Association (NSSTA) is a TRADE ASSOCIATION.
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NSSTA is not a regulatory body, so the term "reputable" cannot logically be associated with it in the context of being a regulatory authority.
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NSSTA does not have "guidelines for responsible behavior".
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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 argue that a trade association shouldn’t play the role of a "traffic cop." But when you roll out a code of ethics and suggest in your ads that members must follow it, well, you might just be stepping on the gas and running a red light.
What do you think?
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