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.
A new PIABA report says nearly a third of FINRA arbitration awards went unpaid last year; Senator Elizabeth Warren believes the best solution is a pool funded by FINRA fines.
“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.