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FINRA to Publish Monthly Report on Broker Sanctions and Complaints

After obtaining permission from the SEC, FINRA will start publishing a monthly report detailing broker complaints and sanctions. The SEC currently has a similar program. Currently, investors can look up information about individual brokers on BrokerCheck gleaned from U4 filings.

While some praise FINRA’s action for promoting transparency, others are more skeptical. Complaints which are later dismissed may be misleading to investors. And although the SEC has a similar program, it’s harder for them to file a complaint than it is for FINRA to do so.

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