Up to 30 percent of monetary awards to investors in arbitration claims go unpaid, the self-regulator said. “It’s crystal clear this is and remains a huge problem for FINRA and therefore for investors,” says PIABA President Andrew Stoltmann.
SEC examiners will pay closer attention to the fees that retail investors are paying to advisors as well as the disclosure and calculation of those fees.
FINRA rules protecting seniors go into effect, banks ban buying bitcoin with credit cards and advisors to keep shifting money abroad despite geopolitical risk.
FINRA opens small firm helpline, advisors are better off putting their phones away and how to help the UN raise money for Sustainable Development Goals.
The dispute could affect more than 100 cases currently at the SEC, along with a dozen that are on appeal in the federal courts.
The organization calls on the SEC to clarify existing requirements. Meanwhile the regulator is accelerating work on its own fiduciary rule.
In its annual priorities letter, the regulator flags some new areas of focus for 2018, including cryptocurrencies, securities-backed lines of credit and business continuity.
