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FINRA investigation of b/d referrals of IA Service

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Jan 26, 2009 4:28 pm

Hi I am a staff writer for RR mag. <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />


About mid January FINRA conducted a review of b/d's referrals to investment advisors from January 2006 through the end of December 2008. Also FINRA requested information regarding the b/ds purchase of hedge funds or any investment vehicle that invested in Madoff Managed investments. Responses by select b/ds are due by Feb 6....


Not for attribution, I am wondering if anyone has heard about this...think it is safe to say this is a regulatory response to the Madoff scandal. I am wondering how this is going to affect b/ds who let their reps have their own RIA. Will this make b/ds more reluctant to let them operate outside the corporate RIA...


Are there other ways you have seen the Madoff scandal affecting your business? Maybe similar to this FINRA request, in the form of increased compliance? Thanks for your help. You can email me at [email protected]