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.
The concerns were raised in a report released by the SEC's Office of Compliance Inspections and Examinations detailing its priorities for exams in 2020.
FINRA claims Oppenheimer clients may have incurred more than $3.8 million in extra fees that they would not have had to pay if they had held their UIT positions to their maturity dates.
Regulators stressed they'd be looking for 'good faith' efforts from firms in achieving compliance as the implementation date for the SEC rule arrives in June 2020.
FINRA slapped the firm, valued at $7.6 billion as recently as July, with a $1.25 million fine for failing to meet the requirements of the regulator's Best Execution rule.
The CFP Board said it would increase the frequency of how often it checks advisors for regulatory infractions, following revelations it failed to note the marks on public facing sites touting the credentials of thousands.