Brokers whine when faced with new rules

Posted: Friday, Aug 29, 2008 at 2234 hrs IST
Updated: Friday, Aug 29, 2008 at 2234 hrs IST

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: set up procedures for special supervision of brokers after customers filed complaints. Financial Network Investment Corp, a broker-dealer in the ING Advisors network, was censured and fined by Finra in 2004 for being late in filing 130 amendments related to customer complaints, terminations, regulatory actions and criminal disclosures in its brokers’ records.

SII, one of National Planning Holdings' subsidiaries, was censured and fined by Finra thrice for supervisory problems over the past eight years. Kansas censured the firm for supervisory violations in 2004. Wisconsin censured and fined it for failure to physically visit its branch offices for compliance reviews in 1993.

These guys are complaining that Finra wants to make the rules tougher? Of course they are. Now let’s see if policy makers have the muscle to stand up to them.

—Bloomberg...

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Brokers whine when faced with new rules

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