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July 01, 2009 at 08:00 PM
FINRA wants to make its disciplinary actions permanently available to the public even if an offending advisor leaves the business. Under current rules, an advisor’s record generally becomes unavailable to the public two years after he or she leaves the securities industry and is therefore no longer under FINRA’s jurisdiction. This move gives advisors all the more reason to stay 100 percent in compliance with FINRA regulations.
The background check
“It has never been more critical for investors to research the backgrounds of the people who approach them with investment proposals,” said Richard Ketchum, FINRA chairman and CEO. “Individuals previously barred by FINRA and other securities regulators have surfaced in a number of recent frauds responsible for millions lost by unsuspecting investors. Investors should be able to check if the financial professional they’re dealing with has been the subject of a disciplinary action by regulators.”
