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Putting customers’ interests first

FINRA cites recurring challenge of BDs not putting clients interests first on its long list of regulatory, exam priorities.

By Melanie Waddell | Updated on January 07, 2015
FINRA CEO Richard Ketchum, left, with FSI CEO Dale Brown.

Among the long list of regulatory and exam issues that will be top priorities for the Financial Industry Regulatory Authority this year is one that it says has been a “central failing” of broker-dealers: not putting customers’ interests first, specifically when it comes to dealing with senior investors and IRA rollovers.

FINRA’s regulatory and examination priorities list, released Tuesday, is long, and includes “everything but the kitchen sink,” said Brian Rubin, a partner at Sutherland Asbill & Brennan. Such a lengthy priorities list may make it “hard for firms to figure out what to specifically focus on,” he said.

FINRA citing as a “recurring challenge” BDs’ failure to put clients’ interest first “sounds like the fiduciary standard,” which could be FINRA’s “attempt to draw a line in the sand that [it] is moving in that direction,” Rubin said in an interview.

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