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Reg BI enters Top 15 of customer claims in Finra arbitration
Regulation Best Interest now ranks 14th on the list of the types of controversies involved in disputes between customers and brokerages. It likely will keep rising on the list.
Massachusetts orders Vanguard to repay investors $5.5 million for TDF taxes
Vanguard lowered the account minimum for an institutional target-date fund, causing a migration from the retail TDF, leaving those who held onto it in taxable accounts with a big capital gains bill.
Advisers must weigh whether to be first to use testimonials for marketing
An Investment Adviser Association survey shows that for the second year in a row, the SEC advertising rule is the top compliance concern.
Trying to cheat on CFP exam, failing to pay taxes result in bars on using designation
The Certified Financial Planner Board of Standards Inc. issues 17 sanctions in its latest round of disciplinary actions.
Finra achieves blockbuster financial year in 2021
The broker-dealer self-regulator's net income of $218 million was $199 million higher than in 2020, thanks to significant increases in trading fees, investment gains and fines.
Finra arbitration orders D.E. Shaw to pay former manager $52 million in defamation suit
Four years after being fired for sexual misconduct, Daniel Michalow wins his defamation case against the $60 billion hedge fund.
Gensler: SEC working on bulletins to illuminate aspects of Reg BI
On the second anniversary of its going into force, the SEC chief is trying to get the most out of a rule he inherited.
UBS to pay punitive damages in $1.3 million arbitration loss over options strategy
The award contains two unusual features: $500,000 in punitive damages to the clients and a two-to-one split decision among the three-person panel.
Social Security program needs reform now
Congress continues to ignore the fact that Social Security's trust fund is expected to run out of money in 2035, which would result in a 20% cut in benefits.
Grayscale suing SEC after its Bitcoin ETF is rejected
The regulator found that the listing proposal didn’t do enough to prevent fraud and manipulation.
SEC orders UBS to pay $25 million over fraud involving YES options strategy
The agency said UBS reps didn't understand the complex product or whether buying it was in a client's best interests.
Law firm hired by Finra bats down criticism of its selection of arbitrators
The review by Lowenstein Sandler gives no credence to a Georgia judge's critique of Finra's process for selecting arbitration panelists.
Crypto tax cheats likely to get relief as US crackdown hits snag
Firms are supposed to begin tracking data such as customers’ capital gains and losses starting in January.
Why finfluencers especially resonate with women and minorities
Style often trumps substance for personal finance commentators on social media platforms, though some are blending the best of digital and traditional advice
Burr hopes to include 529-to-Roth bill in final retirement legislation
The provision was rejected as an amendment to the Senate Finance Committee's EARN Act, but it could reemerge in a final bill sent to the floor of the House and Senate.
Cetera Financial Group hacked via printing vendor
The 'external system breach' put the Social Security numbers of 2,188 of the firm's clients at risk, according to the Maine Attorney General's office.
Finra allocates $30 million of fine money to educate self-directed online investors
Part of the record penalty imposed last year on Robinhood will be used to help potential future customers protect themselves, according to Finra's annual report on fine monies.
Citigroup private banker gets $1.4 million in harassment claim
A Finra arbitration panel rules in favor of Erin Daly, who filed a federal complaint against Citigroup alleging gender discrimination.
Investors win $975,000 in Finra arbitration involving UBS YES product
Their attorney, Jeffrey Erez, said they were misled by UBS brokers who didn't understand the risky product.
Finra sets big change in motion with new option for licensing grace period
The new Maintaining Qualifications Program reconciles Finra licensing requirements with common career and family timelines.
