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FSI urges SEC not to let FINRA raise B/D fees

Smaller broker-dealer firms face "humungous" costs for compliance already; the FSI says FINRA's proposed fee increases just add insult to injury.

By James J. Green | Updated on July 23, 2012

Voicing concerns of its membership over the “timing, context and size” of FINRA’s proposed fee increases for the broker-dealer industry, the Financial Services Institute (FSI) has submitted a comment letter to the SEC opposing the increases.

FSI President and CEO Dale Brown  said in an interview Monday that “everybody in the country, the industry and all FSI members are facing continued challenges” due to the slow economy, but that the timing of the raised fees just adds to the “humongous” cost of compliance for its independent broker-dealer members, especially its smaller firms, and individual financial advisors.

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