On The Front Lines of Protecting Investors
FINRA’s priorities are clear: getting bad brokers out of the industry, returning money to harmed investors, and preventing and deterring future misconduct. We stand ready on the front lines of investor protection to act quickly, root out potential fraud, and aggressively stop those who take advantage of vulnerable investors.
To carry out our mission, FINRA monitors and examines for member firm compliance with FINRA rules, MSRB rules, and federal securities laws and rules, and works to detect and address possible fraud or other misconduct. We investigate possible misconduct and bring disciplinary actions for violations of industry rules and regulations. We coordinate closely with the SEC and other federal and state regulators.
We register and administer qualification examinations to securities industry personnel who conduct business with the investing public, and require them to achieve and maintain certification as members of FINRA. We operate a fair and efficient dispute resolution forum for investors, brokerage firms and their registered employees.
We provide BrokerCheck®, a free online tool that allows the investing public to research the background and experience of financial brokers, advisers and firms. We offer investors financial tools and resources through the FINRA Investor Education Foundation®.
Protecting investors—this is our core mission.
Featured
News Release
Firms to Pay $1.4 Million in Restitution to Approximately 100 Affected Customers
WASHINGTON—FINRA announced today that Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC (Wells Fargo) have agreed to pay more than $1.4 million in restitution, plus interest, to approximately 100 customers and fines totaling $675,000 for failing to supervise recommendations that customers switch from variable annuities to investment company products.
Blog Post
In the last two years, FINRA has barred more than 730 brokers and associated persons. What was the most prevalent rule violation that resulted in these bars?
Podcast
You can't talk about investor protection without talking about senior investors. With a substantial increase in recent years in the number of cases involving the exploitation of seniors, FINRA Enforcement has made protecting this segment of the population a priority. On this episode, we hear what FINRA is doing and how firms can work with FINRA in this important effort.
Podcast
The COVID-19 pandemic is unlike any other crisis in recent history, which presents an opportunity to criminals who are flexible and adaptable. That means firms and regulators must be flexible and adaptable too. So FINRA created a COVID-19 Task Force to help FINRA tackle emerging issues to quickly protect investors and our markets.
Blog Post
If you are of a certain generation, you probably remember watching the Schoolhouse Rock! videos and can still remember the words to “Lolly, Lolly, Lolly, Get Your Adverbs Here.” My favorite was “I’m Just a Bill,” because in just over three minutes, it explained the entire legislative process in easy to understand terms. Since becoming Head of FINRA Enforcement, it has become clear to me that, consistent with our ongoing efforts to be a more transparent regulator, we can do a better job explaining the enforcement process.
News Release
Washington—FINRA announced today that it has ordered Merrill Lynch, Pierce, Fenner & Smith Inc. to pay more than $7.2 million in restitution and interest to customers who incurred unnecessary sales charges and paid excess fees in connection with mutual fund transactions. The firm did not have supervisory systems and procedures reasonably designed to ensure that these customers, who collectively held more than 13,000 Merrill Lynch accounts, received available sales charge waivers and fee rebates.
News Release
WASHINGTON—FINRA announced today that it has ordered Stifel, Nicolaus & Company, Incorporated to pay approximately $1.9 million in restitution, plus interest, to more than 1,700 customers in connection with early rollovers of Unit Investment Trusts (UITs). FINRA also fined the firm $1.75 million for providing inaccurate information to customers related to rollover costs incurred, and for related supervisory violations.
Podcast
Between the level of interconnectedness on the web and the sheer about of data available, we’re living in an era ripe for the perpetration of financial fraud. That makes it more important than ever for FINRA to have a holistic view of emerging trends and risks—and the ability to coordinate closely with other regulators and law enforcement. FINRA’s new National Cause and Financial Crimes Detection Programs (NCFC) will be the nerve center to do just that.
Podcast
FINRA Enforcement works on the front lines of investor protection—not just now, as some look to take advantage of these uncertain time to defraud investors or manipulate the markets – but always. On this episode, we meet Jessica Hopper, FINRA’s new Head of Enforcement, to hear what her team is doing today to prevent investor harm and to keep our markets fair.
Media Center
During your first week at a new job, you typically focus on the basics – locating your office, setting up your computer and getting acquainted with new colleagues and acronyms. If you're Greg Ruppert, who joined FINRA on March 23, 2020 as the new Executive Vice President, National Fraud and Financial Crimes Detection Programs (NCFC), you mark your first week by establishing FINRA's COVID-19 Fraud Task Force. From your kitchen.
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