Tag: FINRA

FINRA claims AXA Advisors sent disclosures to 401(k) plan sponsors and participants that misrepresented the credit quality of bond funds with group annuity accounts.

In censuring the firm, FINRA highlights the important fact that Voya demonstrated “extraordinary cooperation” and had initiated its own investigation and correction program prior to involvement by regulators.

Banc West Investment Services asked the Securities and Exchange Commission to clarify its stance on the potential conflict between FINRA suitability determinations called for by rollover decisions and, on the other hand, SEC demands to forward customer checks within a day of receipt.

FINRA is encouraging firms to undertake a qualitative review of their supervisory practices ranging back to 2013—not a full quantitative analysis of individual 529 plan transactions or recommendations.

Alan Wolper, an attorney with significant experience helping advisers and brokers navigate FINRA and SEC examinations, says the recently published FINRA 2019 priorities list is interesting, but ultimately not all that informative when it comes to helping advisers avoid the most pressing compliance issues.

In a Q&A with PLANADVISER, Mirella deRose draws on her experience leading FINRA enforcement in describing what she sees as the most important elements of the regulator’s recently published member priorities list for 2019.

SEC examiners are concerned that the way mobile and personally owned communications devices are used by advisers pose challenges in their meeting obligations under the Books and Records Rule and the Compliance Rule.

The messages will be compliant with FINRA regulations and Lincoln’s own internal broker/dealer controls.

FINRA asks advisers to share their insights about “fintech innovation in the broker/dealer industry,” while also unveiling a new structure for its enforcement staff.

Commentary from Wagner Law Group and Drinker Biddle attorneys highlights what advisers need to know about the SEC’s ongoing analysis of broker/dealer “best execution” issues, as summarized in a recent Risk Alert publication.

Without admitting guilt or even the facts of the case, Betterment has settled various allegations of improper recordkeeping and "window dressing" leveled by FINRA, to the tune of $400,000.

A new client alert published by the Wagner Law Group urges advisory firms to review and consider an update to anti-churning policies, now that FINRA and the SEC are both engaging in the matter.

Amid a glut of retirement plan industry litigation and regulatory change, advisers are asking the twin questions of whether one owes a fiduciary duty to their client, and if so, what exactly those fiduciary duties entail.  

The new tool aims to help advisers speak regularly with clients in efficient and seamless ways.

Retirement plan fiduciaries must understand the expenses their participants pay to make trades and access investments, but their duty to monitor and ensure reasonableness is not limited to the issue of pricing alone.

Leadership at both the DOL and SEC have signaled a willingness to work together to find complementary approaches to managing advisers’ conflicts of interest—but it will be a heavy lift to accomplish a uniform standard.