In the wake of revelations that hundreds of registered advisors have failed to publically disclose personal bankruptcies, criminal charges and other potentially damaging information, FINRA is moving to toughen the reporting requirements for BrokerCheck, its public-facing system for consumers to vet their financial advisors.

On Thursday, the self-regulatory group's board of directors approved new rules that would expand requirements for investment firms to conduct background checks on financial advisors.

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