FINRA Earnings Surge as Fines Double
The self-regulator collected more than twice the amount of fines in 2014 as it did a year earlier, though the number of fines fell.
Defining ‘Best Interest’ Standard in Fiduciary Debate a Head Scratcher
Two industry trade groups and the Financial Industry Regulatory Authority came out recently with uniform best interest standards in an attempt to squelch what they say will be competing fiduciary plans to be issued by the Department of Labor and the Securities and Exchange Commission.
SIFMA, FSR Propose ‘Uniform Best Interests’ Standards for BDs
SIFMA’s CEO, Ken Bentsen, says its legal standard would protect investors and avoid “separate and inconsistent” fiduciary policymaking at DOL and SEC.
FINRA BrokerCheck Ad Campaign Supported by Huge Fine Volume
FINRA's $3.5 million campaign compares hiring a broker without checking BrokerCheck to other "leap-before-you-look" mistakes.
FINRA’s Ketchum Blasts DOL Fiduciary Plan; White House Says ‘Work With Us’
FINRA CEO Richard Ketchum talked at the regulator's conference about what's wrong with the DOL plan and offered an alternative approach to putting customers first.
FINRA’s Ketchum Criticizes DOL Fiduciary Plan
FINRA CEO says DOL's safe harbor descriptions are "narrow" for BDs and that the CARDS plan is on hold until security concerns are addressed.
FINRA OKs Changes to Communications Rules, Seeks Public Comment
FINRA will also file with the SEC to charge a $115 fee for the MSRB's new muni advisor qualification exam.
SEC's White Supports Fiduciary Rule for Brokers, Third-Party Audits
While many in the industry are applauding SEC Chairwoman Mary Jo White's declaration that she will push to ensure the agency extends a fiduciary rule for brokers, concerns remain that such a rule will be a long time in the making.
New FINRA Broker Bonus Rule Out ‘Fairly Soon’: Ketchum
The FINRA CEO also told ThinkAdvisor at a SIFMA conference that "CARDS as it exists now is unlikely to move forward."
All Eyes on SEC Chief to Move Fiduciary Forward, FINRA’s Ketchum Says
Meanwhile at SIFMA's regulatory conference, the Wall Street lobby released a study challenging the White House's claim that conflicted advice costs investors $17 billion annually.