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Investor Advocates Want SEC to Create National Broker Database

Joe Mont | July 14, 2015

The Securities and Exchange Commission should require improvements to the Financial Industry Regulatory Authority’s BrokerCheck system for vetting financial professionals and develop a national disciplinary database that  investors could utilize. That call to action comes from a letter submitted to the Commission’s Investor Advisory Committee on Tuesday by the Public Investors Arbitration Bar Association, Public Citizen, the PIABA Foundation, and the Securities Arbitration Clinic at St. John’s University School of Law.

In the joint letter, available online, the four investor advocacy groups say that FINRA is currently conducting a national advertising campaign “that inaccurately suggests that BrokerCheck reports provide complete information about brokers to investors.”

“FINRA actively encourages investors to use BrokerCheck so they can make informed...

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