Public Policy

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Regulatory Comments

FINRA Request for Comments on Improving BrokerCheck

Apr 27, 2012
On April 27, 2012, CFP Board submitted a comment letter to the Financial Industry Regulatory Authority (FINRA) in response to its request for comments on methods by which it can improve and facilitate increased investor use of BrokerCheck. CFP Board urged FINRA to modify BrokerCheck to include additional material information related to terminations, customer complaints, criminal misconduct and disciplinary information, educational background, professional licenses (including legal standards of care associated with those licenses) and certifications and designations. CFP Board also recommended that FINRA increase educational content and improve the overall format of BrokerCheck to make it more user-friendly, suggesting that FINRA consider options for increasing investor awareness of BrokerCheck, such as through amendments to FIRNA rules that would require the prominent display of links to BrokerCheck on marketing materials including business cards. CFP Board supported FINRA's consideration of allowing limited commercial use of BrokerCheck, citing potential benefits to the public.

Download CFP Board’s letter (PDF, 132KB)

 

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