FINRA To Expand Public Data Available On BrokerCheck
Changes are coming to BrokerCheck, the online tool managed by the Financial Industry Regulatory Authority (FINRA) that documents investor complaints and other information about stockbrokers, financial representatives and brokerage firms.
Among the changes planned: increasing the number of customer complaints reported publicly; posting certain information about brokers on a permanent basis; and extending the public disclosure period from two years to 10 years for all brokers who leave the industry.
“The greater amount of information that is available to the investing public will only provide the opportunity for investors to be better informed as to the investment professionals they are entrusting their assets to,” said Steven Caruso of Maddox Hargett & Caruso, P.C., in a July 14 phone interview with On Wall Street.
As part of the changes, FINRA also will formalize a dispute process for current or former brokers to dispute the accuracy of, or update, factual information disclosed through BrokerCheck.
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