Florida U5 reveiw takes forever

2 replies [Last post]
Sunsteeler's picture
Offline
Joined: 2012-02-17

Why does Florida take so long to review U5 now? I had a termination for violating firm poicy on time and price discretion that was not true, client has given a sworn affidavit that says they authorized the trade which was a sale of an ETF they wanted sold and was in a fee-based account (I had no financial incentive), firm is now poaching my book while FL reviews my license. It has been 2 months already and I am going to lose most of my book. Has anyone else been through this? I have never had a compliant, dispute or any negative issues in over 13 years. The state is not protecting the clients they are hurting them as I cannot help them until this is resolved? Can I take frim to arbitration and recieve damages? Is it worth the hassle?Try to wait it out. 

stockattorney's picture
Offline
Joined: 2010-09-09

Unfortunately Florida takes a manual process to review disclosures.  It can take 3 months.  Have you had any direct contact with the state?  Have they requested documents and/or statement?  At 3 months the state has to either approve you, approve you with heightened supervision or give notice of a hearing to deny registration.  I have seen instances where the rep assigns the clients to his new manager in order to preserve the book and reduce attrition however you won't be able to earn any commissions during your "sit down."  

ECD's picture
ECD
Offline
Joined: 2011-07-13

Why would Florida need to review it? Isnt that up to the firm that you decide to go to for them to review the U5 itself?

Please or Register to post comments.

Industry Newsletters
Investment Category Sponsor Links

 

Careers Category Sponsor Links

Sponsored Introduction Continue on to (or wait seconds) ×