On September 9th, 2012, at the annual meeting of the North American Securities Administrators Association Inc. (NASAA) in Coronado, California, the top five types of violations in some areas of supervision at broker-dealers were: failure to follow written supervisory policies, suitability, correspondence/e-mail, maintenance of customer account information and internal audits, according to the results of the review, released by NASAA.
“We are concerned about [fusion_builder_container hundred_percent="yes" overflow="visible"][fusion_builder_row][fusion_builder_column type="1_1" background_position="left top" background_color="" border_size="" border_color="" border_style="solid" spacing="yes" background_image="" background_repeat="no-repeat" padding="" margin_top="0px" margin_bottom="0px" class="" id="" animation_type="" animation_speed="0.3" animation_direction="left" hide_on_mobile="no" center_content="no" min_height="none"][broker-dealers’] having enough staff to service regulatory inquiries and [provide] customer service,” William Reilly, special assistant to the director of Florida’s Office of Financial Regulation, said at a meeting of NASAA’s broker-dealer section.
“It is a concern, with the staff reductions at firms,” he said.
The Florida regulator also warned that the industry compliance people should make sure they speak with customers who have a complaint, rather than just the broker involved. Also, firms need to pay more attention to branch audits and follow up to ensure problems are fixed, Mr. Reilly said. Reilly added that in many cases, “there are no meaningful branch office audits” being conducted.
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