FINRA is still angry that Boston Consulting Group did not consult them and says they created numbers "out of thin air"
At the end of April, FINRA issued a two-page report, complete with numbers, arguing that its startup costs would be only one-tenth of what BCG's report stated, and that continuing costs would amount to less than half of BCG's projected figures.
BCG, in turn, released its own review of the FINRA calculations soon after, pointing out discrepancies with the BCG estimates and potential omissions. The CFP Board, one of the groups that funded the BCG study and review, contends FINRA's numbers were inaccurate and didn't include all costs.
FINRA, in turn, is taking strong issue with that contention, saying BCG doesn't know what it's talking about and has no understanding of the workings of a nationwide examination program. "They are inventing the numbers out of thin air," says Nancy Condon, FINRA spokesperson.
"The organization that appears to be pulling numbers out of thin air is FINRA," responds Marilyn Mohrman-Gillis, managing director of public policy and communications for the Certified Financial Planner Board of Standards Inc., one of the groups that funded the BCG study, pointing to the in-depth analysis and statement of assumptions in the 20-page BCG cost review compared with the short two-page report FINRA released on its costs. Read more >
May 14, 2012