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U5 vs Brokercheck

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Mar 25, 2013 3:48 pm

Do firms check U5’s when hiring, or just Brokercheck? Brokercheck is clean, but U5 indicates permitted to resign. Also, do U5’s surface in routine background checks for anyone, if they are out there? Or just used for registered rep hires?

Apr 10, 2013 3:01 pm

They most certainly do check. Brokercheck is really a watered down, consumer oriented site, and contains nowhere near the volume of information that is in a full CRD. The U5 is just one of the documents that are referenced in a full CRD.