The Financial Industry Regulatory Authority is asking former employees with Wells Fargo to contact the organization if they have questions about why they were fired—including cross-selling of products and services.
This news comes about one month after FINRA said it planned to look into regulatory filings tied to at least 207 former employees of Wells Fargo who were registered to sell securities and were dismissed for issues connected with its fraudulent accounts scandal, which reportedly affected up to 2 million client accounts.
“Recent news reports have highlighted several former Wells Fargo bank employees who believe that they were terminated from the bank for reporting or refusing to engage in allegedly fraudulent account-opening activities,” FINRA explained in a press release on Friday.
“Further, the reports indicate that a subset of these individuals who were also registered with FINRA to conduct securities activities have raised concerns that they did not receive a copy of their Form U5 termination notice within 30 days of being terminated as required … or that their Form U5 contained inaccurate or incomplete comments related to the reason for the termination,” it said.
The regulatory body wants to “review the facts and circumstances surrounding these allegations.”
Former registered Wells Fargo staff members can use a dedicated phone line (800-334-0668) and email address ([email protected]) to report possible “material issues associated with the processing of their Form U5, including the accuracy and completeness of the language filed by Wells Fargo Advisors describing the reason for termination,” according to a statement.
For its part, the bank said: “If any former team member has concerns with their termination or a U5 filing then we want to hear from them.”
“We work to make sure those forms are accurate and fair, and in all cases a former employee can make comments on their U5 or request that we review the language,” it explained in a statement shared with ThinkAdvisor on Friday.
In November, FINRA said that it “takes seriously the integrity and accuracy of all filings made by firms, including Form U-5s. With respect to Wells Fargo, we are reviewing the accuracy of filings made by the firm with regard to individuals involved in the cross-selling activities that are the subject of the CFPB action.
“We are also reviewing cross-selling activities across the industry as reflected in a sweep letter which is posted on our website,” it explained.