FINRA Fines Cetera Financial Group Over Improper Filings

The Financial Industry Regulatory Authority, FINRA, fined and censured a company owned by Cetera Financial Group, one of the country’s largest networks of independent broker-dealers, $40,000 for late and improper filings in more than half of its sales branch offices, among other filing problems.

Cetera Advisor Networks, over a two-and-a-half year period ending last year, failed to properly file a form known as a Uniform Branch Office Registration Form, according to the FINRA Letter of Acceptance, Waiver and Consent in the matter.

Without admitting or denying the findings, Cetera has consented to a number of sanctions, including the fine and the imposition of a censure, according to the FINRA document. Cetera also has agreed to review of its written supervisory procedures and systems regarding its handling of the branch office form, to make any changes necessary, and to report to FINRA on this reviews process and any changes made.

Cetera Advisor Networks is a Cetera firm with a regional management structure. The three other Cetera companies are: Cetera Advisors, whose planners work directly with the home office and not through regional hubs; PrimeVest, whose advisors work in banks, credit unions and other financial institutions; and Cetera Financial Specialists, whose advisors also provide tax and accounting expertise.

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