FSI President and CEO Dale Brown speaking at the organization39s recent Financial Advisor Summit event in Washington DC

FSI President and CEO Dale Brown speaking at the organization's recent Financial Advisor Summit event in Washington, D.C.

FSI Responds to CARDS by Forming Task Force

In response to FINRA's Comprehensive Automated Risk Data System (CARDS) proposal issued Tuesday, the Financial Services Institute has formed a task force of broker/dealer executives to analyze and respond to the regulator's planned database initiative.

The task force will be responsible for collecting information from FSI member firms to determine the estimated cost of complying with CARDS requirements, as well as drafting a comment letter on behalf of FSI that reflects the firms’ collective views.

Led by LPL Financial’s President Robert Moore, the group will also include of Cambridge Investment Research President Amy Webber and Foothill Securities CEO Steve Chipman, as well members of FSI’s compliance and the operations & technology council.

“My decision to lead the CARDS task force is rooted in my deep personal commitment to ensuring the effectiveness of this important rule and maintaining transparency and dialogue throughout this process,” Moore said in a statement. “I look forward to collaborating with other FSI member firms and FINRA to advance the best interests of investors and the delivery of critical financial advice.”

The task force will remain active throughout FSI's advocacy involvement on the issue, according to David Bellaire, FSI’s executive vice president & general counsel.

This is not the first time FSI has formed a task force, although they’re usually on issues the industry group deems a priority, such as the due diligence task force, which developed a white paper on the due diligence practices of complex financial products.

“Protecting investors is the utmost priority for FSI members, and FSI looks forward to working with FINRA to ensure that this proposal will do just that, while allowing our members to effectively provide the objective financial guidance that is so valued by their clients,” FSI President and CEO Dale Brown says.

 

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