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Schwab ordered to pay investor $144,000 for allegedly unsuitable complex ETF
Dominic Ismert's attorney said the recommendation to invest in an oil fund was made 'off the cuff,' without appropriate research and analysis of whether it was suitable for him.
Jason Sugarman barred from securities industry
Last month, the California financier agreed to a $10.2 million penalty related to his alleged role in a scheme to steal money meant to be invested in Native American tribal bonds.
Florida court strikes down DOL guidance making rollover advice fiduciary
The American Securities Association had filed suit alleging that a DOL document improperly claimed that a one-time recommendation to transfer assets from a company plan to an IRA triggered fiduciary duty.
Finra fines small New York broker-dealer for Reg BI failures
Finra's action against Long Island Financial Group is yet another indication of its dissatisfaction with the industry's implementation of Reg BI.
Finra can start indicating on BrokerCheck whether firm is ‘restricted’
Investors will be able to see whether a brokerage has been flagged for having a history of misconduct or employing a number of reps with disciplinary violations.
Hundreds of pages of regulations amount to nothing until they’re enforced
We don't know how Reg BI or the CFP credential's fiduciary standard work in practice because there has been no substantial punishment for violating them.
GOP seeks to open private markets; Democrats might be willing to talk
A House subcommittee considers GOP measures that would amend accredited-investor rules. The ranking Democrat said 'fiduciary' advisors could help retail investors become sophisticated vicariously.
Centaurus hit with $1.1 million penalty over structured product sales
The SEC said brokers in the firm's Lexington, South Carolina, branch office recommended variable interest rate structured products to dozens of retail customers for whom they weren't suitable.
Labor Secretary Marty Walsh expected to step down to take job as head of NHL players union
When Walsh will officially step down has not yet been announced but Deputy Secretary Julie Su is expected to become acting head of the agency.
SEC emphasizes probing marketing rule, Reg BI compliance
The agency's other examination priorities for this year include RIAs who manage private funds, ESG investing and crypto.
Securities regulators warn of risks related to self-directed IRAs
The SEC, Finra and NASAA issue identical alerts telling retirement savers they're on their own if they open accounts that give them complete autonomy on the investment lineup.
White House criticizes proposed GOP commission as ‘death panel’ for Social Security
House Republicans had suggested negotiations on the debt limit could include an agreement to set up a commission to negotiate later changes to Social Security and Medicare to extend the programs' solvency.
Finra arbitrators order Credit Suisse to pay $1.3 million to former rep
The Swiss firm loses another dispute over deferred compensation related to the 2015 closure of its U.S. wealth management operation.
Opposition to ESG might just be getting started
Some politicians see it as part of a viable platform for the 2024 presidential election.
SECURE 2.0 provides breathing room for RMDs
In addition to raising the age at which individuals must start taking required minimum distributions, the SECURE 2.0 Act also lowers the penalty for not taking an RMD.
Whose clients are they, anyway?
Perhaps the reality is that neither firms nor advisors truly 'own' clients but rather are lessees of clients.
Republican bill would end the DOL ESG rule
The effort, the latest in an overall anti-ESG push from conservatives, is largely symbolic.
Website helps investors cut through regulatory thicket to find advisors
As it enters its fifth year, Investor.com has been redesigned to make it easier for investors to digest a financial firm's disciplinary history and conflicts.
Finra arbitrators order Raymond James, rep to pay nearly $20 million in raiding case
Wells Fargo alleged that a 'coordinated' effort to lure away advisors depleted an Arkansas branch office, forcing it to close.
Finra fines, suspends two brokers for Reg BI violations
The self-regulator claimed the reps traded excessively in the accounts of elderly customers.
