ASA Urges FINRA to Impose Stricter Penalties on Recidivist Brokers
ASA strongly supports FINRA promoting investor protection and market integrity, and we applaud FINRA leadership for bringing this important issue into the public debate.
WASHINGTON – The American Securities Association (ASA) sent a letter to the Financial Industry Regulatory Authority (FINRA,) on proposed rule 4111, calling for stricter penalties on recidivist brokers—including lifetime bans from the industry—to help weed out the worst actors that harm America’s Main Street investors and retirement savers.
“ASA strongly supports FINRA promoting investor protection and market integrity, and we applaud FINRA leadership for bringing this important issue into the public debate,” ASA CEO Chris Iacovella said. “We look forward to continuing to be a helpful partner to move the industry forward in a way that protects investors.”
“We also strongly believe that there are certain acts, such as theft of customer funds, that are so egregious and reprehensible that they should be punished with an immediate lifetime ban from the industry,” Iacovella wrote in the letter. “There is no place for this in our industry and we strongly encourage FINRA to move in this direction.”
To read the full letter, click here.
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