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Finra arbitrators order Pershing to pay $648,543 to Stanford Ponzi victims
The ripped-off investors allege Pershing looked the other way when it serving as custodian and clear agent for the fraudster.
Failure to supervise risky ETF sales costs Sanctuary $530,000
The Indianapolis-based firm, formerly David A. Noyes & Co., agrees to censure, a fine and restitution.
Finra should review Form U4 to help industry diversity: Robinhood
The registration application known as Form U4 asks an applicant for a variety of information, from employment history to whether he or she has been convicted of or charged with a felony.
Finra records $19.8 million profit in 2020
The self-regulator saw a sharp turnaround after taking a $45.9 million loss in 2019. The results were driven, in large part, by the revenue generated from increased trading activity.
Merrill Lynch hit with $11.65 million penalty by Finra
In 2016, Finra launched a targeted examination of UIT sales, discounts and rollovers across the brokerage industry, and a number of firms have incurred penalties and fines in its aftermath.
Finra proposes annual regulatory education
The regulator's proposed rule would also allow brokers to leave the industry and maintain their registration longer if they complete continuing education, a move that could benefit women who step away to have families.
Time to rethink forced arbitration
Ending mandatory arbitration has become a top priority for consumer advocacy groups, like the Public Investors Advocate Bar Association and others, that claim investors should have the option of laying out their case before a judge or jury.
Finra resumes in-person arbitration nationwide
The organization will reopen hearings on Aug. 2 in seven jurisdictions that had remained closed. Finra postponed in-person arbitration hearings when the pandemic began in March 2020.
Wandering financial advisers must be corralled, but who will break them in?
The industry finally has the data about rogue brokers who take refuge in the land of insurance sales, and the picture is pretty ugly.
Finra used 2020 fines to bolster market surveillance, exams, enforcement
Last year, Finra allocated $73.8 million of fine and reserve monies to fund capital initiatives and $16.4 million to pay for investor education and firm compliance.
Finra withdraws expungement reform proposal
The measure, which would have established a special roster of arbitrators to hear broker requests to clear their records, was criticized by PIABA as being too limited to address the problem.
Ex-SEC commissioner targets rogue brokers turning to insurance sales
Study co-authored by Robert Jackson Jr. shows that 'wandering advisers' who leave one regulator and continue operating under another are more likely to commit misconduct.
Number of registered reps and brokerages declined again in 2020: Finra
Although the brokerage industry is shrinking, it's still doing well financially. Aggregate revenue for Finra-registered firms totaled $362 billion in 2020, down from $388 billion in 2019 but higher than every other year since 2016.
UBS ordered to pay $4.8 million over Puerto Rican bond sales
The wirehouse disputes the damages and asserts the case is not indicative of how other arbitration panels may rule on the investment products.
Finra set to resume in-person arbitration hearings
Finra will reopen 62 of its 69 hearing locations in July, while allowing arbitration parties to continue to request remote proceedings. Even if in-person proceedings are allowed, Finra said arbitration parties can still continue to request a remote hearing.
Finra should review ban on in-person arbitration hearings
One industry group is now calling on Finra to end the remote hearings it says are harming investors. Two hundred and sixty-three hearings have been conducted remotely as of the end of March.
Finra suspension of in-person arb hearings harms investors, PIABA says
The regulator has extended its postponement of in-person arbitration proceedings through July 2, but says it expects to resume normal proceedings in some locations as coronavirus vaccinations increase.
Bills to end mandatory arbitration introduced in House, Senate
The Securities Industry and Financial Markets Association opposes the bill, saying arbitration 'promotes fair, efficient, and economical dispute resolution for all parties.'
Diminished capacity creates new investment risk
White paper says financial services firms must adapt to the threat or pay the price.
UBS loses $371,000 claim linked to options strategy
UBS has been hit with a rash of arbitration claims over strategies investors say damaged them, and most recently it saw a wave of investor complaints over Puerto Rico bonds and bond funds.
