Compliance December 16, 2011

Backing FINRA, FSI Speaks Up

Dale E. Brown, president and CEO of the Financial Services Institute (FSI), issued a statement regarding Boston Consulting Group’s report about the potential costs of a new self-regulatory organization (SRO) for investment advisers.  
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Responding to the claim made in BCG’s report that FINRA oversight of investment advisers could cost more than twice as much as an expanded Securities and Exchange Commission (SEC) program, FSI issued the following statement:

“The simple fact is, FINRA is the only entity with the capacity, funding and know-how to effectively examine retail investment advisers, which is not happening now. When the SEC’s own chair and commissioners acknowledge that an SRO is necessary, and that the SEC can’t do the job, then it doesn’t make much sense to keep pushing the improbable. The status quo simply continues to keep investors at risk.”

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For more about the study, see “Study Promotes Expanded SEC Oversight, Not New SRO”.

 

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