Regulatory & Compliance

Regulatory & Compliance (263)

Whistleblower: FINRA Isn’t Keeping Investor Data Secure

In a complaint filed with the Securities and Exchange Commission, a whistleblower is maintaining that the Financial Industry Regulatory Authority (FINRA) and other regulators have failed to keep investor data, such as Social Security numbers, secure. So reports Bloomberg. Read more...

CFP Board Expands Fiduciary Standard

The Certified Financial Planner Board of Standards board has expanded its ethics rules to now require CFP holders to act as fiduciaries at all times when working with clients. So reports Think Advisor. Read more...

SEC to Increase Exams This Year

An internal reorganization with the Securities and Exchange Commission is allowing the regulator to increase the number of advisors that it subjects to examinations this year. So reports Financial Planning. Read more...

Rules to Protect Seniors Go Live

Two new rules intended to protect seniors went live earlier this month. With that, financial firms must now make "reasonable efforts" to get information for trusted contact persons on behalf of clients. So reports ThinkAdvisor.

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Advisor Jailed for Stealing from Elderly Blind Woman

Jeffrey Lewis, who is a former financial planner, has been sentenced to 33 months in prison for stealing $455,000 from a 94-year-old blind woman in Mercer County. So reports the Pittsburgh Post-Gazette. Read more...

Stock Broker Charged with IPO Kickback Scam

Brian Hirsch has received more than $1 million in kickbacks in exchange for providing clients with preferential access to lucrative initial public offerings, according to allegations by the Securities and Exchange Commission. So reports LeapRate.

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FINRA to Improve Transparency

The Financial Industry Regulatory Authority will start sharing its budgets and guiding principles in an effort to improve transparency. So reports ThinkAdvisor. Read more...

Scammers Use Identity Theft to Steal $20M in Retirement Assets

Regulators have seized $300,000 in assets from suspects who are believed to have committed identify theft to steal $2 million from retirement plans that used Great West as a recordkeeper. So reports The Denver Post. Read more...

Fiduciary Rule Could Increase Portfolio Outsourcing

According to a recent Cerulli Associates report, advisors affiliated with independent broker dealers are likely to increase their outsourcing of portfolio management to home offices to help manage liabilities that may be associated with the Fiduciary Standard. So reports Insurance Net News.

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Rep. Ann Wagner Propose Alternative to DoL Regulation

Republican Rep. Ann Wagner of Missouri has introduced legislation that would create a new standard for advisors that would fall somewhat between fiduciary and suitability requirements. So reports InsuranceNewsNet.

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