Regulation and Compliance issues for Wealth Professionals can be challenging to navigate especially when the SEC is involved. Catch the latest news and analysis on compliance updates that impact financial advisors.
“There is nothing those people were doing that anybody could characterize as good faith compliance with the parts of the rule that went into effect in June," said Phyllis Borzi, former assistant secretary of labor.
Plaintiffs SIFMA, the Financial Services Institute and the Insured Retirement Institute argue that the Scottrade case highlights firms’ undue risks of facing fractured, state-by-state enforcement under the DOL rule.
Scottrade and its agents neglected their duty to Massachusetts retirees while focusing on gathering new assets in anticipation of the TD Ameritrade merger.
While the regulator expects to fall far short of its goal of increasing exams by 5 percent in fiscal year 2018, it will boost its exam funding by nearly $20 million in fiscal year 2019.
Up to 30 percent of monetary awards to investors in arbitration claims go unpaid, the self-regulator said. “It’s crystal clear this is and remains a huge problem for FINRA and therefore for investors,” says PIABA President Andrew Stoltmann.
SEC examiners will pay closer attention to the fees that retail investors are paying to advisors as well as the disclosure and calculation of those fees.
FINRA rules protecting seniors go into effect, banks ban buying bitcoin with credit cards and advisors to keep shifting money abroad despite geopolitical risk.
