WASHINGTON -- Even though FINRA CEO Richard Ketchum has ruled out pursuing jurisdiction in the advisor arena, RIA industry representatives remain worried the regulator is actively looking for a reason to get involved.
At TD Ameritrade Institutional's advocacy summit, several officials raised the concern that it will only take one major scandal to force the issue of expanding advisor exams. When that happens, policymakers aren't likely to adopt any framework that the industry could support, but could instead turn examination authority over FINRA, which some view as the least desirable outcome.
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