A Few Minutes With FINRA: 529 Plan Share Class Initiative

January 28, 2019

Chip Jones, FINRA’s Senior Vice President of Member Relations and Education, and Susan Schroeder, FINRA’s Executive Vice President of Enforcement, discuss the 529 Plan Share Class Initiative. Under the program, firms can self-report to FINRA Enforcement by April 1, 2019, supervisory violations related to 529 plan share-class recommendations and include a plan to remediate the issue; and in response, FINRA Enforcement will recommend that FINRA accept a settlement that includes restitution for the impact on affected customers and a censure, but no fine. The discussion includes the steps firms can take to assess the potential harm of supervisory failures and how to participate in the program. (7 min. 33 sec.)