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HomeFINRA Should Crack Down on Management
Posted by Larry Doyle on January 3rd, 2014 7:53 AM |
The lead article in this morning’s Wall Street Journal is entitled FINRA To Crack Down on Brokers with High Numbers of Complaints. This should be a good thing, right? Yes, it should.
The question still begs, though, why FINRA has been so amenable to expunging such an overwhelming percentage of complaints against brokers. Recall that just a few weeks back, I highlighted the fact that FINRA had expunged 96.9% of complaints lodged against brokers from mid-2009 through the end of 2011.
How might individuals know if a broker soliciting them is unscrupulous if a large number of complaints have been erased? Talk about a massive pardoning and significant do-over! But what is an even bigger problem in the industry than brokers with questionable business ethics?
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