FINRA Investor News

March 15, 2006
 

Investor Alert

 

Customer Advisory Centers: Not Your Typical Securities Firm Call Center


This Investor Alert focuses on a relatively new type of call center—the customer advisory center. It is a center that is staffed by securities professionals who may provide financial planning services, sell securities products, and receive commissions or other financial incentives for doing so. These new, sales-orientated centers are becoming more prevalent, and you may not be familiar with how they work. Before you deal with this new type of call center, be sure you understand its operations.


Learn about:

 

  • Customer advisory center operations
  • Potential problems NASD found at one of these centers
  • What constitutes suitable and unsuitable mutual fund switching
  • Tips for a successful customer advisory center experience

 

Read the Alert

 

 

Consumer Corner

 

Avoid Tax Refund Scams


The Internal Revenue Service has issued a consumer alert about an Internet scam in which consumers receive an email informing them of a tax refund. The email, which claims to be from the IRS, directs the consumer to a link that requests personal information, such as Social Security number and credit card information. Once this information is obtained, the fraudsters use it to steal the taxpayer's identity and financial assets.


Read the IRS Warning

 


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News Dispatch

 

NASD Fines Merrill Lynch $5 Million for Call Center Supervisory Failures, Sales Contest Violations


NASD announced that it has fined Merrill Lynch, Pierce, Fenner & Smith Inc. $5 million for supervisory failures, registration violations, impermissible sales contests and other violations in connection with the operation of its Financial Advisory Center (FAC) located in Hopewell, NJ and Jacksonville, FL. The firm was also prohibited from staging any sales contests for FAC personnel for three years.


Read the News Release


New Campaign for Investors in the Military


The NASD Investor Education Foundation launched a comprehensive new campaign to deliver financial education tools and training to members of the military and their spouses. The campaign is designed to help military personnel and their families manage their money with confidence by providing financial education programs, information and publications, as well as a new Web site — SaveAndInvest.org


Read about the Campaign's Capitol Hill Launch

 

 

Past Issues of Investor News Available

 

In response to numerous requests, previous issues of Investor News are now available on our Web site.

 

 

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