SEC Slaps FINRA on Handling of Records

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SEC Slaps FINRA on Handling of Records

Oct 27, 2011

The SEC has ordered FINRA to improve the way it handles documents submitted during SEC inspections. The order, issued Thursday as part of an administrative settlement between the two organizations, comes after the disclosure that the director of FINRA's Kansas City Office in 2008 ordered the minutes of three meetings dating back to 2006 and 2007 to be altered hours before they were they were provided to the SEC's Chicago Regional Office....

"We see a conflict of interest in an organization that is heavily influenced by the broker-dealer mentality and culture in overseeing [investment advisors] who are held to a fiduciary standard," said Marilyn Mohrman-Gillis, managing director of public policy and communications for the CFP Board.

Mohrman-Gillis said the alteration of minutes is not surprising given that a Boston Consulting Group study released in March expressed concerns about FINRA's accountability and transparency measures. Read more >

Financial Planning
Ann Marsh
October 27, 2011

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