FINRA Advises Investors on How to Safeguard Their Brokerage Accounts
September 15, 2008
In light of the announcement by Lehman Brothers Holdings Inc. to file for Chapter 11 bankruptcy protection, your firm may receive questions from investors about the safety of the assets in their accounts held at your firm. As you know, the securities industry has multiple layers of protection to ensure customer accounts are safe. In times like these, we feel it's important to educate investors on these safeguards.
Today, FINRA issued an Investor Alert, entitled If a Brokerage Firm Closes Its Doors, to help investors understand the customer protections under SEC rules and Securities Investor Protection Corp (SIPC). As highlighted in our Investor Alert, it is important for investors to know:
FINRA is working closely with Lehman Brothers, the SEC and other regulators to ensure a smooth transfer of customer accounts from Lehman to one or more broker-dealers. Still, we understand that the days ahead may cause some anxiety for customers, and we are here to help.