The purpose of the designations complaint process is to address complaints against an AIF or AIFA designee and determine whether disciplinary action is warranted. A Designation Oversight Committee(DOC), acting through an Inquiry Panel and a Hearing Panel, each of which shall consist of industry experts and fi360 staff*, oversees the process. There is no cost to the complaining party.

Request for Investigation

Receipt of a written complaint is considered to be a request for an investigation. A copy of the complaint shall be furnished to the AIF® or AIFA® designee. The DOC shall review the complaint to determine whether an investigation is warranted. That determination shall be made in writing with a response to the Complainant and the AIF or AIFA designee.

Investigation

If further investigation is recommended, the AIF or AIFA designee is given 30 days to file a written response to the Complaint. Upon receipt of the response, the matter is referred to the Inquiry Panel for review. If no response is received within the allotted 30 days, the matter is referred directly to the Hearing Panel for action, by-passing the Inquiry Panel.

Inquiry Panel

The Inquiry Panel is composed of one staff member from fi360 and one member of the DOC. The Panel shall consider all materials furnished by the Complainant and the designee. After review, the Inquiry Panel will issue a recommendation to either: (1) refer the matter to the Hearing Committee; or (2) to dismiss the Complaint without action. This recommendation shall be furnished to the Complainant and the designee.

Hearing Panel

The Hearing Panel shall consist of three or more persons, one from fi360 and two from the DOC. The designee is entitled to appear in person and/or to be represented by counsel, and may present evidence on his or her behalf, as well as cross-examine any witnesses. No member of the inquiry panel shall be the same as the hearing panel by case or complaint.

The Hearing Panel shall determine by majority vote whether or not there has been an improper application of the fiduciary practices promulgated by fi360. If so, the Hearing Panel may admonish the designee in one of the following ways: (1) a private written reprimand; (2) a letter of censure to the designee and a public listing of censure published on the Website; (3) suspension of the right to use the AIF or AIFA marks for a specified period of time, not to exceed five years; or (4) permanent revocation of the right to use the AIF or AIFA marks.

Appeals Process

A designee has the right to appeal the decision of the Hearing Panel to the Board of Professional Review. This Board consists of the full DOC, and one member of fi360. The Board shall review the matter and render a decision. That decision shall be final.

Submit a Complaint

To submit your complaint, fill out the Designee Complaint Form, along with any pertinent information surrounding the circumstances of your complaint, including photocopies of relevant letters, contracts, agreements or other documents, which should be accompanied with the complaint form. DOC staff will request additional information if needed and may request a personal interview if it appears necessary.

The public should be aware of normal remedies under state and federal laws and regulations with applicable regulatory bodies and also avail themselves of other avenues. The burden should be on the complainant to pursue such remedies. The findings and actions of appropriate regulatory bodies will be given due consideration by the DOC.

* Fiduciary360 (fi360) is the operating name of the organization that includes the Center for Fiduciary Studies, which is the accrediting body and trademark holder of the AIF and AIFA designations.