Project On Government Oversight Slams FINRA And Says Self-Regulation Is Not Real Regulation

Tuesday, September 13, 2011 20:53
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Project On Government Oversight Slams FINRA And Says Self-Regulation Is Not Real Regulation

The Project For Government Oversight says the financial crisis makes it "it painfully clear that we can't trust the financial industry to regulate itself" and offers a bullet list of reasons why FINRA should not be named the SRO.

 

 

FINRA's "top 18 executives and board members received nearly $23 million in compensation and benefits in 2009," says POGO investigator Michael Smallberg. "since FINRA believes it shouldn’t have to follow the pay model set by government agencies or non-profit organizations; this excessive executive compensation has created a strong potential for conflicts of interest in the case of former executives who are now at the SEC and are supposed to oversee FINRA"

 

And that's just one of the reasons POGO opposes FINRA as the SRO for RIAs.

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