COMPLY-Blurred lines for brokers, bankers create supervision worries

With the large banks relying on wealth management for a bulk of their revenues nowadays, fierce competition for fees has the banks placing brokers in locations with less supervision.  The large banks are moving personnel licensed to sell securities to branches where there is less supervision than the traditional brokerage atmosphere. With brokers becoming increasingly independent there is a need to provide “reasonable”supervision to make sure they abide by FINRA rules and regulations. FINRA should behoove the banks to implement more surprise audits and possibly place some OSJs among the licensed staff at the branches to ensure compliance with regulations.

Read More

Creative Commons Creative Commons Attribution-Noncommercial-Share Alike 2.0 Generic License   by William Cho