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Fidelity changing the way it charges for financial advice

April 12, 2018

Fidelity Investments is changing the way it charges wealth management customers for advice, based on the amount they have invested with the firm. The new fees begin in July for the more than 800,000 customers of the wealth unit. The charges...

Finra taps former Schwab exec Bari Havlik to replace Susan Axelrod in top cop job

April 11, 2018

The Financial Industry Regulatory Authority Inc. has selected Bari Havlik, most recently chief compliance officer the The Charles Schwab Corp., as head of its member regulation program. As executive vice president for member supervision, Ms....

Maryland attorney general bars unregistered adviser

April 11, 2018

An unregistered investment adviser has been barred by the Maryland attorney general's office for "dishonest and unethical trade practices" that included selling unregistered securities by fraudulent means. According to the Securities Commissioner...

'Best interests' and 'fiduciary' aren't the same, so which will the SEC choose?

April 10, 2018

We're now into the second quarter of the year, and everyone involved in the debate over investment advice standards is eagerly awaiting the Securities and Exchange Commission's fiduciary rule proposal. Oops. Like Britney Spears, I did it again....

Finra bars former OneAmerica broker for stealing customer's money

April 10, 2018

The Financial Industry Regulatory Authority Inc. has barred Domingo Gonzalez, a former broker with OneAmerica Securities, for depositing money entrusted to him into his own account and then spending the money. Finra said that Mr. Gonzalez, who...

Finra, looking into trading activity, bars no-show broker

April 9, 2018

The Financial Industry Regulatory Authority Inc. has barred William Brunner, a former broker who had been affiliated with Investment Planners Inc., after he failed to take part in a hearing looking into his trading activity. Mr. Brunner resigned...

Investment Program Association rebrands itself for Main Street

April 9, 2018

An organization that promotes alternative investments is rebranding itself to highlight what it hopes will be a link to ordinary investors. The Investment Program Association today changed its name to the Institute for Portfolio Alternatives....

Like it or not, annuities are coming to retirement plans

April 7, 2018

Some would argue that annuities and 401(k) plans should never mix. To those individuals, we say brace yourselves, because legislation is being considered in Congress that could clear a path for more employers to offer annuity products in their...

SEC orders PNC, Securities America, Geneos to pay $12 million to clients ​

April 6, 2018

The Securities and Exchange Commission has settled with PNC Investments, Securities America Advisors Inc., and Geneos Wealth Management Inc., over charges that the three breached their fiduciary duties to clients and generated millions of dollars...

Former Merrill Lynch execs' lawyer feels good about chances in $1 billion arbitration

April 5, 2018

A lawyer for dozens of former Merrill Lynch managers said they have a good chance of prevailing against the wirehouse now that their complaints will be heard in arbitration. The cases involve more than 60 former Merrill executives who claim...

Wells Fargo wealth-management used similar incentives to those behind fake-account scandal

April 5, 2018

Credit card and savings customers may not be the only ones who were misled by Wells Fargo & Co. Some clients of the bank's wealth-management division were steered into investments that maximized revenue for the bank and compensation for its...

DOL fiduciary rule sparks charges of reverse-churning

April 4, 2018

As more broker-dealers move clients from commission-based accounts to those that charge annual fees — in some cases as a way to insure they are complying with the Department of Labor's fiduciary rule — they may be in danger of exposing themselves...

State efforts on fiduciary standards slow

April 3, 2018

Activity at the state level to raise investment-advice standards has slowed recently, as a Maryland lawmaker withdrew a fiduciary provision from his bill and the time line for a Nevada regulatory proposal remains uncertain. The Maryland Senate...

What the 5th Circuit decision doesn't do

April 3, 2018

By now, you have probably heard about the decision by the 5th Circuit Court of Appeals. In a nutshell, it threw out the fiduciary rule and the prohibited transaction exemptions that accompanied the rule (including the best-interest contract...

Finra institutes disciplinary proceedings against broker over alleged improper variable annuity sales

April 3, 2018

The Financial Industry Regulatory Authority Inc. has instituted disciplinary proceedings against Frederick David Holloway, the owner of Holloway & Associates Inc., to disgorge alleged ill-gotten gains from recommendations he made to clients...

Retirement-savings bill draws broad support, optimism for passage this year

March 30, 2018

Supporters of legislation designed to increase retirement savings are hopeful the measure will be approved by Congress later this year, despite being left out of a recent spending bill. The Retirement Enhancement and Savings Act of 2018 was...

Barred financial planner, pastor busted for selling bogus bonds to elderly

March 30, 2018

A Shreveport, La., financial planner and a Houston pastor are facing both criminal and civil charges for allegedly running a scheme that bilked $3.4 million from at least 29 mostly elderly investors by selling them interests in "pre-Revolutionary...

Arbitrators award client of former adviser $875,000

March 29, 2018

A Finra arbitration panel has awarded claimants in a complaint against former broker and former investment adviser Clyde Mick Jones $625,000 in compensatory damages and $250,000 for legal fees. From November 2008 through September 2016, Mr....

What does the new CFP standard mean for a CFP at a wirehouse?

March 29, 2018

Question: I am a CFP professional working for a major wirehouse. I provide investment management services and charge an asset management fee tied to the size of the account. I can do financial planning for clients, when needed or requested,...

Finra bars former Morgan Stanley broker who sought client loan for outside activities

March 29, 2018

Finra barred from the industry a former Morgan Stanley broker who allegedly violated rules governing work brokers do outside their firms. In a March 28 agreement, David Warren Olson accepted the ban from the Financial Regulatory Authority Inc.,...

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