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Posts Tagged ‘FINRA BrokerCheck’

Reed (D-RI), Grassley (R-IA): FINRA Transparency and Expungement Relief

Posted by Larry Doyle on December 17th, 2013 8:19 AM |

Two weeks ago, the folks at the Project on Government Oversight filed a friend of the court brief in an attempt to bring some meaningful transparency to Wall street’s largest self-regulation organization, FINRA.

Why is it so important that FINRA be compelled to open its doors? Too many reasons, but one of them is embraced by Senators Jack Reed (D-RI) and Chuck Grassley (R-IA) who yesterday provided further fuel to the fire for those looking for real transparency from FINRA.

Let’s navigate and review a press release that highlights just how opaque this organization is.

WASHINGTON, DC – In an effort to protect investors and the integrity of the Financial Industry Regulatory Authority’s (FINRA) BrokerCheck program, U.S. Senators Jack Reed (D-RI) and Chuck Grassley (R-IA) today sent a bipartisan letter asking FINRA to clarify and strengthen standards for expungement of investor complaints against brokers. (more…)

FINRA BrokerCheck: Protecting Who?

Posted by Larry Doyle on October 28th, 2013 7:42 AM |

FINRA’s mandate is to protect investors.

How do the executives running FINRA reconcile that mandate with the fact that problematic issues raised by Senator Ed Markey (D-MA) back in the mid-1990s continue to be outstanding today? In a recent letter sent by Markey to FINRA CEO Richard Ketchum, the Senator from Massachusetts writes,

I was alarmed to learn that arbitration awards and settlements do not show up in FINRA’s BrokerCheck database because brokers have been able to successfully expunge the information. (more…)






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