Former Finra analyst sues agency for age discrimination

Former Finra analyst sues agency for age discrimination
Brian McIntyre says Finra laid off mostly older workers after it lost a regulatory contract with the NYSE in 2016.
JUN 26, 2018

A 54-year-old former analyst for the Financial Industry Regulatory Authority Inc. sued the agency over his termination, claiming that he was part of a layoff that unfairly targeted older workers. Brian McIntyre, who worked in the self-regulator's New York office, said Finra mostly sought to terminate older workers in a September wave of firings after the agency lost a regulatory contract with the New York Stock Exchange in 2016. Although the workers were allowed to apply for other positions at the agency, most older workers including Mr. McIntyre weren't rehired, he alleged. Finra, which primarily oversees licensed broker-dealers, hired younger employees to fill the positions, Mr. McIntyre claimed in his lawsuit filed Monday in Manhattan state court. Younger employees affected by the layoff were also given more favorable terms of separation and severance, he alleged. Mr. McIntyre said he was earning $125,000 per year plus a 25% annual bonus and benefits, including pension benefits, at the time he was fired. Michael Rote, a Finra spokesman, declined to comment. In 2017, workers in the U.S. who were older than 55 held 25.5% of jobs in the financial activities industry, according to the Bureau of Labor Statistics. Although age discrimination remains a problem, almost 20% of those 65 or older hold full-time jobs, up from 12% in 2000. (More: One year later, is Finra 360 working?)

Latest News

Advisors still have questions on Trump Accounts ahead of July 4 launch
Advisors still have questions on Trump Accounts ahead of July 4 launch

Financial planning leaders say unresolved rules on fees, Roth conversions and financial aid complicate comparisons with 529 plans.

Trust at Scale: How AI Personalization Rewires Business for Growth
Trust at Scale: How AI Personalization Rewires Business for Growth

AI can personalize at scale, but without trust, it falls flat.

Advisor moves: Succession planning, fresh starts trigger exits at Osaic and LPL
Advisor moves: Succession planning, fresh starts trigger exits at Osaic and LPL

Teams head for W-2 independence models with practices totaling almost $1B.

Empower strikes $340m deal to take on Milliman's retirement book
Empower strikes $340m deal to take on Milliman's retirement book

Acquisition adds 400 defined benefit plans and 1.5 million participants, pushing Empower deeper into workplace benefits.

EP Wealth lands fifth deal of 2026 in Silicon Valley
EP Wealth lands fifth deal of 2026 in Silicon Valley

Menlo Park firm brings $900m in AUM and specialist expertise serving Apple and Google employees.

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.