PIABA finds arbitrators grant expungement 90% of the time
Lawyers group says regulators and the customers who had complaints should be able to present evidence in expungement requests.
May 18, 2021
The Public Investors Advocate Bar Association released a report on recent expungement awards on Tuesday and renewed its call for the Financial Industry Regulatory Authority Inc. to change the way it handles expungements.
Analyzing 700 expungement awards from Aug. 1, 2019, to Oct. 31, 2020, PIABA found that arbitrators granted expungement requests 90% of the time.
“The data show that the reason is that Finra’s arbitration process allows brokers and brokerage firms to make expungement requests to arbitrators that are unopposed the vast majority of the time,” PIABA said in its study.
UBS ordered to pay $4.8 million over Puerto Rican bond sales
The wirehouse disputes the damages and asserts the case is not indicative of how other arbitration panels may rule on the investment products.
May 14, 2021 2 MINS
Finra arbitrators ordered UBS Financial Services Inc. to pay $4.8 million to investors who lost money on Puerto Rican bonds.
A three-person Financial Industry Regulatory Authority Inc. arbitration panel found UBS and UBS Financial Services Inc. of Puerto Rico liable for breach of fiduciary duty, breach of contract and rescission related to the sale of Puerto Rican bonds to the claimants, Eugenia Fidalgo Gutierrez, Mercedes Fidalgo Gutierrez and Fidalgo Gutierrez Holding Corp.
Why is LPL’s biggest branch starting its own broker-dealer?
Private Advisor Group has taken the unusual step of launching its own broker-dealer with the intention of putting it in better position to grab referrals.
May 17, 2021 2 MINS
LPL Financial’s largest branch office, Private Advisor Group of Morristown, New Jersey, has taken the unusual step of launching its own broker-dealer; the intention is to put the $29.6 billion RIA in a better position to grab referrals of advisers from custodians who work with registered investment advisers reluctant to be affiliated with LPL.
Private Advisor Group is already a behemoth of a firm, with about 700 financial advisers and $29.6 billion in client assets. It has been an industry success story of the past decade, with its two owners, industry veterans John Hyland and Patrick Sullivan, opening the RIA in 2010.
NEW YORK, May 11, 2021 /PRNewswire/
The compliance training market for financial institutions market in the US is poised to grow by USD 1.22 billion during 2021-2025, progressing at a CAGR of 16% during the forecast period.Â
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Finra should review ban on in-person arbitration hearings
One industry group is now calling on Finra to end the remote hearings it says are harming investors. Two hundred and sixty-three hearings have been conducted remotely as of the end of March.
May 10, 2021 2 MINS
When the Financial Industry Regulatory Authority Inc. decided to shut down in-person arbitration hearings last March, claimants and respondents embraced the idea of resolving disputes from the comfort of home via the convenience of a Zoom call.
Participants and legal teams quickly adapted to virtual hearings and Finra which runs the arbitration system that adjudicates claims made by customers against brokerages and registered representatives extended the postponement through July 2 of this year.