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InvestmentNews reports a significant development in the financial industry: the Financial Industry Regulatory Authority Inc. (FINRA) has now opened its arbitration system to registered investment advisers (RIAs). This move marks a notable expansion of FINRA’s arbitration services, which have traditionally been utilized for resolving investor or industry complaints involving securities firms and broker-dealers. The announcement […]
New rules that could require certain brokers to act in the best interests of clients should enhance laws already in place for some financial advisers, a coalition of investor advocacy and trade groups wrote late on Thursday. The letter to Securities and Exchange Commission Chairman Mary Schapiro from groups that include the Consumer Federation of […]
FINRA is examining sales of certificates of deposit tied to derivatives after banks sold a record number of the investments last year. The industry-backed regulator wants to make sure the so- called structured CDs, where principal is protected by the Federal Deposit Insurance Corp., are properly understood by investors given their increasing complexity and lengthening […]
Wall Street’s own watchdog filed a complaint against Charles SchwabCorp on Wednesday accusing the online brokerage of requiring customers to waive their rights to pursue class actions against the firm, a violation of industry rules. The Financial Industry Regulatory Authority alleged that San Francisco-based Schwab added a new provision in October to more than 6.8 […]
Ss=”rank-math-highlight” style=”background-color: #fee894″>Over two grueling weeks, convicted Florida Ponzi schemer Scott Rothstein laid out in incriminating detail how far the tentacles stretched in his $1.2 billion fraud scheme, which has been described as one of the largest Ponzi schemes in U.S. history. Rothstein pointed the finger at numerous lawyers, bankers, business people, relatives, friends, and […]