Never miss a story — sign up for PLANADVISER newsletters to keep up on the latest retirement plan adviser news.
Products May 16, 2011
FINRA Expands BrokerCheck to Include Disciplinary Actions
The Financial Industry Regulatory Authority (FINRA) has created the Disciplinary Actions Online database, which allows investors to find disciplinary records of FINRA-registered brokers.
Reported by Nicole Bliman
Investors can search the discipline actions database by case number, document text, document type, action date (by date range), a combination of document text and action date, individual name and Central Registration Depository (CRD) number, or firm name and CRD number. The documents can be viewed online, printed, or downloaded as text-searchable PDF files. All services are free of charge.
Previously, the public had to contact FINRA to obtain copies of disciplinary actions. The new database makes available disciplinary action documents including Letters of Acceptance, Waivers and Consent (AWCs), settlements, National Adjudicatory Council decisions, Office of Hearing Officer decisions and complaints.
FINRA’s BrokerCheck database – which profiles every FINRA-registered broker – will now link to disciplinary actions housed in the system, as it currently does for arbitration awards in the Arbitration Awards Online database. Beginning June 15, FINRA Monthly Disciplinary Actions will also link each write-up to its corresponding action in the database.
In 2010, BrokerCheck was used 17.2 million times, supplying the public with reviews of brokers or firm records, FINRA said. Investors can access BrokerCheck at www.finra.org/brokercheck or by calling (800) 289-9999.