FINRA Board Signals Approval of Additional Controls on “High-Risk” Brokers
- June 27, 2017
- William Heyman
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FINRA plays a vital role in regulating the activities of fiduciaries and other financial professionals such as brokers, financial advisors, and retirement planners. The regulatory and enforcement body is authorized to promulgate and enforce regulations intended to protect investors and…
FINRA Bars Former Retirement Planner After Finding Unsuitable, Unauthorized Transactions
- June 13, 2017
- William Heyman
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When a broker, financial planner, retirement planner, or firm faces client complaints that escalate to a FINRA enforcement action, serious consequences to one’s professional reputation can occur. Consequences of a FINRA enforcement action can range from sanctions to the financial…
Investment Firm’s Failure to Supervise, Excessive Charges Results in FINRA Order to Pay Multi-Million Dollar Restitution and Fine
- May 18, 2017
- William Heyman
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Investment firms, brokerages, and other covered businesses must adhere to certain regulatory standards. When a client alleges that he or she has been the victim of fraud or improper action by a broker, brokerage, or investment firm he or she…
SEC Approves FINRA Rule Intended to Prevent Financial Exploitation of Senior Citizens
- May 15, 2017
- William Heyman
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As the American economy shifted away from defined company pension plans and towards individualized private investment plans, such as 401(k) plans, an increasing amount of financial responsibility has been placed on the individual. An array of brokers, financial planning, and…
Fiduciary Rule Stalled, Implementation Not Expected until June 2017
- May 10, 2017
- William Heyman
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We last considered the state of the Department of Labor’s fiduciary rule in late February 2017. At the time, analysts and commentators will still assessing the impact President Trump’s February 3, 2017, memorandum would have on the rule. The memorandum…
FINRA Announces NAC Revisions to Sanction Guidelines
- May 3, 2017
- William Heyman
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The Financial Industry Regulatory Authority (FINRA) is an independent regulatory body in charge of overseeing the practices and activities of covered financial firms, brokers, and other parties. National Adjudicatory Council (NAC) is FINRA’s main appellate tribunal. NAC is comprised of…
Bank Employees Faced Pressure to Utilize Unscrupulous Sales Tactics or Face Discipline, Termination at Wells Fargo and TD Bank
- March 23, 2017
- William Heyman
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Due to changes in global financial markets, retail banking firms such as TD Bank, Wells Fargo, and others have faced pressure from shareholders to find new sources of revenue. A number of banks have apparently met this call by emphasizing…
Recent FINRA Decisions Shows FINRA Hearing Can Lead to Fines, Expulsion
- March 13, 2017
- William Heyman
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In Dept. of Enforcement v. Red River Securities, LLC and Keith Hardwick, a complaint was raised due to the sale of certain joint venture interests in oil and gas operations. A threshold question in the matter was whether the joint…
Wells Fargo Settles Second TCPA Lawsuit in Six Months Showing Dangers of Misguided Marketing Efforts
- March 2, 2017
- William Heyman
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Businesses that engage directly with the public have a number of duties and legal responsibilities that must be met. When the new customer and client outreach efforts concern certain financial products, regulatory oversight will be even more stringent. However, even…
Where Does the Fiduciary Rule Currently Stand in its Implementation?
- February 21, 2017
- William Heyman
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Up until just several weeks ago, it appeared as if the Department of Labor’s fiduciary rule was on track to be implemented into law. However, since the inauguration of President Donald J. Trump, a new approach regarding government regulations has…