Finra fines three firms for lapses on consolidated reports
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Processes must be in place to supervise the compilation of a client's entire financial life in one document.
The Financial Industry Regulatory Authority Inc. issued six-figure fines Monday to three brokerages for lapses in supervising reports to clients that summarize all their assets, including those not handled at the firms. The regulator cited concerns about the potential for the reports to conceal frau
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