Now is not the time for broker-dealers to be cutting compliance budgets, a FINRA executive warned this week.

As firms weigh costs, "decision makers may be tempted to consider cuts in the compliance area, to delay critical technology initiatives or to outsource key functions," FINRA executive vice president Susan Axelrod said in prepared remarks at a legal continuing-education seminar. "But firms should remember that cutting too much now will likely cost more in the future."

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