FINRA is substantially underestimating the costs to set up a self-regulatory organization for investment advisors, according to a review by an outside consulting firm. In response, FINRA says the review should be viewed with “skepticism and amusement.”

The Boston Consulting Group review is the latest salvo from the Financial Planning Coalition – comprised of FPA, NAPFA, and CFP Board – in its efforts to have lawmakers authorize the SEC and not FINRA to collect user fees to pay for increased investment advisor examinations. The review also was sponsored by the Investment Adviser Association and TD Ameritrade Institutional.

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