TAG | Finra adding more information on broker to BrokerCheck
Comments off · Posted by Securities Lawyer in FINRA
The Financial Industry Regulatory Authority also known as FINRA, is hoping to make information about brokers more accessible to the investors, which they feel would hold those in the industry more accountable for their actions.
In September, FINRA voted to submit proposals to the U.S. Securities and Exchange Commission (SEC) that would make information in its BrokerCheck system easier for investors to find, and keep permanent the records of dismissed investment-related civil actions.
FINRA’s BrokerCheck is a free online tool that allows access to the professional backgrounds of about 1.3 million current and former FINRA-registered brokers and 17,400 current and former FINRA-registered brokerage firms. This system is accessed via FINRA’s website.
FINRA proposed amendments which would require all member firms to include a reference and a link to BrokerCheck on their own company home pages and related websites for all FINRA-registered brokers. There is an amendement to keep investment-related civil actions that have been dismissed by a settlement agreement on permanent public file in the BrokerCheck system as well. The amendments also would allow for downloading of BrokerCheck information as approved by the board. FINRA is hoping to make BrokerCheck easier for all investors to use.
Soreide Law Group, PLLC, represents clients nationwide. If you have experienced financial losses due to your broker/dealer or financial professional’s recommendations, call for a free consultation on how to potentially recover your financial losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.
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Comments off · Posted by Securities Lawyer in FINRA
In a March, 2012, article for InvestmentNews.com, Dan Jamieson writes that industry observers are wondering why the Financial Industry Regulatory Authority Inc. (FINRA)has issued a proposal to disclose licensing exam scores on its BrokerCheck system.
Finra has requested comments regarding disclosing more through the disciplinary reporting system, including exam scores, broker termination information and more historical data.
Jamieson writes that the request, Finra Regulatory Notice 12-10, is part of a larger review of BrokerCheck mandated by the Dodd-Frank reform law. Industry commentators are confounded by the idea of publishing exam scores.
“I believe publishing test scores makes no sense for someone who has been in the business for over 25 years,” April Kvalvik, a broker with Bank of America Merrill Lynch, wrote in a comment letter. “As a CFP, I have mastered many complex areas in investing and financial planning. I do not think that scores from a 25-year-old test are relevant.”
“Such scores reflect only the knowledge of regulatory requirements at the time of the test and not investment knowledge or any relevant industry skills,” wrote David Wiley, president of Wiley Bros.-Aintree Capital LLC.
“In fact the very act of publishing such scores would be misleading, as it connotes validity … in selecting a broker,” he said.
“I would like the grades of all Finra and SEC employees, schools they attended, last ten years of employment, criminal history … bankruptcy filings and any financial judgments … made public,” wrote Catherine O’Brien, a representative at Crowell Weedon & Co.
The InvestmentNews.com article points out that Finra also is considering making the massive BrokerCheck database available to private vendors. Currently, it blocks automated download tools from accessing the system.
“It is important that Finra and the SEC make the data underlying these databases available for download in electronic, machine-readable format, so that nonprofit entities, as well as journalists and other investigators, are able to gain access and do sophisticated investigations using the information,” wrote Ellen Miller, executive director of The Sunlight Foundation.
Finra had no comment.
Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you or a family member have sustained investment losses due to your stock broker or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: www.securitieslawyer.com.
Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
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