The Financial Industry Regulatory Authority (FINRA) is the largest independent regulator for all securities firms doing business in the United States. All told, FINRA oversees nearly 4,700 brokerage firms, about 167,000 branch offices and approximately 635,000 registered securities representatives. Their job is to protect you, the investor, that you have a safe place to invest. How well are they dong?
I did a Google search on “FINRA fines” and here’s what i found from the first two pages (there were 143,000 total results):
Finra Fines Deutsche Bank $7.5M In Subprime Case
FINRA Fines SunTrust $1.4M for Unsuitable Trades –
FINRA Fines Terra Nova Financial $400000
Finra Fines Phoenix Derivatives, Others a Combined $4.3M – WSJ.com
FINRA fines Citigroup for supervisory violations $1.5 million fine …
FINRA Fines Double In 2009 – Representing Investors – Blog Archive
FINRA Fines Morgan Stanley, Other Firms – On Wall Street
FINRA Fines H&R Block Financial Advisors for Inadequate …
FINRA Fines Citigroup $600000 for Failing to Supervise Trading …
FINRA Fines MetLife Securities, Affiliates – ABC News
The above is all fairly recent. Do these fines against these firms indicate that FINRA is protecting you well OR that if protections were adequate, there would not be so many fines? You will need to be the judge.
It is clear however, that these firms (notice that many are large and well known to you) seem to be little interested in your benefit or profit and are complacent to break the rules. And that’s the point of this post. Don’t trust anyone in the investment or insurance industry without asking questions. It’s not that you should not trust, a necessary element for a healthy economy, but get all of your questions asked and issues explained to your satisfaction. Don’t simply take anyone’s word for the facts. Get the evidence before you invest or buy insurance.
And that’s the point of this post. Don’t trust anyone in the investment or insurance industry without asking questions.
thanks for the info. im currently dealing with FINRA at the moment. they are being really difficult and unreasonable from my experience.
I heard that The Financial Industry Regulatory Authority (FINRA) is really welcome in America ,is it ture?
And that’s the point of this post. Don’t trust anyone in the investment or insurance industry without asking questions.
FINRA came to my attention only recently, and I found it to be most useful as a starting point. It does a good job of guiding your Google searches as well as suggesting what questions to ask as your investigation proceeds.
One point of great interest was that many companies were fined repeatedly for the same offense, which suggests that they make more money than the price of the fines by continuing the practices for which they were fined. That doesn’t speak very well for the effectiveness of FINRA.
The reports on individual brokers appeared quite straightforward and open, and I was favorably impressed that those individuals were allowed to answer the complaints brought against them. That is both fair to the accused and allows the reader one more insight into the personal characteristics of the individual.
Really nice post about FINRA Fines I’m thankful to you know about this post..
Thanks For Sharing..
Securities Fraud Attorney
the fines are really high. but even then we can see that there are loads of scams in the investing industry.