Regulation

Investor advocates and others worry that recent changes to who can serve on FINRA panels will exclude arbitrators most likely to be sympathetic to ordinary investors.

Experts say that there are pitfalls, rules and procedures that departing financial advisors should know. Problem is, too many act first and consult lawyers later.

The decision comes as a victory for FINRA in a series of legal assaults meant to undercut the authority of self-regulatory organizations.

Paul Atkins said he doesn't like regulation by enforcement, a message that broker-dealer groups have spent the last several years longing to hear.

The broker-dealer alleged that a FINRA arbitration panelist who helped hand down the landmark penalty should have recused herself after reaching a similar conclusion in a case involving the same embattled broker.

Industry groups argue a new rule under consideration would give brokerage firms new oversight responsibilities over unaffiliated RIAs — a contention FINRA denies.

Rulings from the Financial Industry Regulatory Authority included a $360,000-plus payout from JPMorgan, scrutiny of B. Riley operations and more in April.

Regulators say they are seeking fairness, noting that firms that reached deals with the SEC before the start of the year are under fewer regulatory mandates.

With billions of dollars in revenue at stake, wirehouses and broker-dealers are keeping an eye on a potential regulatory change in favor of the ETF industry.

The industry conflict of interest takes many common, controversial or outright confusing forms. Here's what financial advisors and investors should know.