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Investment Advisers: Current Level of Oversight Puts Investors at Risk

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Report Type Reports and Testimonies
Report Date June 26, 1990
Report No. GGD-90-83
Subject
Summary:

Pursuant to a congressional request, GAO reviewed the Securities and Exchange Commission's (SEC) regulation of investment advisers.

GAO found that: (1) since 1980, the number of financial advisers has tripled from about 4,600 to about 14,000, and the assets they manage have increased from about $440 billion to about $4.6 trillion; (2) investment advisers provide investors little assurance that the information they receive is accurate or that advisers operate in accordance with SEC requirements and regulations; (3) the SEC registration program provides little protection for investors, since it does not verify information provided to clients until long after advisers are registered; (4) SEC has no program to identify people who provide advice but never register; (5) SEC has no comprehensive system to provide summary information on inspection results by region or in total; (6) an SEC staff shortage makes it difficult to have a complete oversight program; and (7) SEC does not have the resources necessary to adequately regulate the advisory industry.

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