The Financial Industry Regulatory Authority has failed to fix serious flaws in brokers’ background information provided on BrokerCheck, and Congress should step in if changes aren’t implemented soon, the Public Investors Arbitration Bar Association charges in a new report.
PIABA, a group of lawyers who represent investors in cases against securities firms, maintains that FINRA has not addressed the flaws cited by a March 2014 PIABA report, and that FINRA “made things worse by spending millions in advertising to get unwary investors to rely on the flawed” BrokerCheck system.
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