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Home > Blog > FINRA Urged by Senator to Take More Actions Against Bad Brokers

FINRA Urged by Senator to Take More Actions Against Bad Brokers

A U.S. Senator says he has serious concerns about the ability of the Financial Industry Regulatory Authority (FINRA) to protect investors from “rogue brokers.” In a letter to Richard Ketchum, who heads FINRA, Sen. Edward J. Markey, D-Mass., says the regulator needs to improve its BrokerCheck database, as well as take stronger action against bad brokers.

Markey also expressed concerns about the fact that brokers can expunge information about themselves and related award settlements from the BrokerCheck Web site.

“Investors cannot protect themselves from dishonest brokers if they cannot determine whether brokers with whom they are considering investing funds have large or repeated settlements or awards due to their wrongdoings or mismanagement,” Markey stated in the letter.

Markey also called on the Securities and Exchange Commission (SEC) to tighten its oversight authority and take “remedial regulatory action to address these problems.”

You can read Markey’s letter in its entirety here.

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