dcsimg

Financial Advisers Say New FINRA Proposal Is Unnecessary

Lora Bentley

The public comment period for the Financial Industry Regulatory Authority's latest proposed rule change closed recently, and the majority of those who commented aren't in favor of allowing FINRA to regulate the sale of products and services that aren't securities.

 

According to The Wall Street Journal, investor advocates and the Obama Administration are pushing for more regulation in financial services, but those who actually work in the field say we need regulation in the areas that aren't regulated already. Allowing FINRA to regulate the sale of products and services in this manner would be redundant, since state and federal authorities regulate this area now.

 

Michael Kerley, senior president of the National Association of Insurance and Financial Advisers, says simply, "FINRA doesn't have jurisdiction to regulate these products." Austin Kanter, a chartered adviser in Mississippi asked the Journal, "Why add another layer of regulation to something that isn't broken?"

 

The story says FINRA representatives declined to comment.


Subscribe to our Newsletters

Sign up now and get the best business technology insights direct to your inbox.


 

By submitting your information, you agree that itbusinessedge.com may send you ITBbusinessEdge offers via email, phone and text message, as well as email offers about other products and services that ITBbusinessEdge believes may be of interest to you. ITBbusinessEdge will process your information in accordance with the Quinstreet Privacy Policy.




Add Comment      Leave a comment on this blog post

Post a comment

 

 

 

 


(Maximum characters: 1200). You have 1200 characters left.

 

null
null

 

Subscribe to our Newsletters

Sign up now and get the best business technology insights direct to your inbox.


 

By submitting your information, you agree that itbusinessedge.com may send you ITBbusinessEdge offers via email, phone and text message, as well as email offers about other products and services that ITBbusinessEdge believes may be of interest to you. ITBbusinessEdge will process your information in accordance with the Quinstreet Privacy Policy.

Subscribe to our Newsletters

Sign up now and get the best business technology insights direct to your inbox.


 

By submitting your information, you agree that itbusinessedge.com may send you ITBbusinessEdge offers via email, phone and text message, as well as email offers about other products and services that ITBbusinessEdge believes may be of interest to you. ITBbusinessEdge will process your information in accordance with the Quinstreet Privacy Policy.


×
We have made updates to our Privacy Policy to reflect the implementation of the General Data Protection Regulation.