As most in the industry know, under the Financial Industry Regulatory Authority’s (Finra) current reporting structure, a customer complaint appears on a financial advisor’s public record as soon as it is made. That complaint stays on the advisor’s record indefinitely, unless he or she, by taking affirmative legal action, is able to get the complaint expunged by Finra-appointed arbitrators. In today’s litigation-happy world, more and more brokers find their records blemished by customer complaints—whether valid or not. As Finra has made a concerted effort to crack down on expungements over the past few years, and most recently, last month, these complaints have become increasingly harder to remove by brokers seeking to keep their reputations clean.
Publication
Financial Advisor
10.13.2015