Regulation

Few investors receive arbitration awards, PIABA says, while proposing a national recovery pool.

SEC officials warn many advisors and brokers have next to no cybersecurity policies in place, exposing them to data breaches and potential enforcement actions.

The client originally sought $18 million for breach of fiduciary duty and churning among other alleged wrongdoing.

Asset managers that stay on top of regulatory demands not only keep authorities happy, they gain a competitive advantage against other firms, says one fund administration executive.

During the transition in independence, avoid running afoul of legal breaches and other quicksand that can drag you down.

Few independent firms will be unaffected by the change, and if they don’t get cracking, they may "find themselves in a costly and time-consuming game of catch-up," argue Robert Cirotti and Gabriel Garcia of Pershing.

As part of a multi-year initiative, the commission has unearthed numerous deficiencies in how advisors and brokers work with and market to clients planning for retirement.

One impersonated a client, another grabbed client funds via ATM withdrawals and a third stole from a nonprofit, FINRA says.

The industry regulator handed out a lifetime ban, fines and suspensions to three brokers involved in a scheme to pump up the trading price and volume of stock.

Brokers' clients received letters from LPL that implied he stole money, over a $20,000 loan he had repaid, lawyer says.