FINRA Considers Proposal Mandating Greater Consumer Access To BrokerCheck Through Web Links Hot

lisagray   September 24, 2012

 

The move makes it clear that FINRA wants consumers to have greater awareness of and access to BrokerCheck. FINRA is also weighing what additional information should be included on the public database.

 

There was considerable pushback in February of 2012 on an effort to include broker test scores. So much so that FINRA chief Richard Ketchum declared in May that FINRA had no interest in collecting such data.

 

But investment-related civil actions brought by a state or foreign regulatory body against those associated with a suit that has been dismissed because a settlement agreement was reached may become permanent information on BrokerCheck records.

 

Currently, many of the 4379 FINRA licensees provide no links to BrokerCheck, nor do broker profiles listed by firms.

 

BrokerCheck shows work profiles and regulatory histories of both current and former registered reps and broker-dealers.

 

FINRA has been searching for ways to better inform investors about broker and firm regulatory histories to equip investors with improved due diligence capability.

 

This Website Is For Financial Professionals Only

• 

  FINRA Announces Escalation of High-Risk Broker Program
• 

  Board of Governors Authorizes FINRA To File Recruitment Compensation Proposal With SEC
• 

  Are Brokers Fiduciaries, Even Though They Accept Commissions? Yes, Says Financial Advice Ethics Expert Ron Rhoades
• 

  Broker Says Record That Shows Investor Complaints Totaling $1.4 Million Should Be Expunged Out Of Fairness And A California Appeals Court Agrees