Advisory clients, attorneys and other members of the public previously had to contact the staff at Financial Industry Regulatory Authority (FINRA) to get copies of disciplinary actions for firms and registered representatives.
The Washington, D.C.-based watchdog announced Monday that it launched the FINRA Disciplinary Actions Online, a searchable system that will give the public access to documents related to such actions. It also adds another layer of transparency into the brokerage and financial advisory industry, on a firm and individual level.
After a user inputs a firm or individual’s Central Registration Depository number, the new system will display letters of acceptance, waivers and consent and settlements. Users can also access decisions from the National Adjudicatory Council, the national committee that reviews initial decisions rendered in FINRA disciplinary and membership proceedings, according to the group’s Website.
They can also find complaints and decisions from the Office of Hearing Officers. Users can view the documents online, print them and download them as text-searchable PDF files.
The BrokerCheck system, which lists brokers’ employment history will now link to the new Disciplinary Actions database. BrokerCheck already gives users access to the Arbitration Awards Online database. Also, the Monthly Disciplinary Actions system will link each write-up to its corresponding action in the database.
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