Regulators Are Attempting To Close Barred Broker Loophole

Representing Investors Nationwide

(December 28, 2014)  Securities regulators, including the Financial Industry Regulatory Authority (FINRA), announced they are attempting to close a serious loophole that currently allows brokers that have been barred from the securities industry to still sell insurance and other financial products. As part of this initiative, FINRA plans to begin sending state regulators monthly reports on their registered brokers to keep their disciplinary records up to date.

This is definitely a step forward in promoting consumer protection within the financial services industry.