(Bloomberg) — Some brokers might not be getting the best prices for clients when they send stock orders to exchanges that offer rebates, regulators said in an outline of annual oversight priorities.
Recent brokerage inspections found that some firms don't have active "best-execution committees" or other supervisors in place to ensure that clients get the best price as securities rules require, the Financial Industry Regulatory Authority said today in a letter about its 2015 exam topics.
"We certainly expect to see tightening up and much greater focus from firms," Finra Chief Executive Officer Richard Ketchum said in an interview. "There is a high likelihood you'll see enforcement actions as well."
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