Tag Archives: brokers

FINRA Wants Barred Brokers Out of Insurance Too

Written by: Robert Heim

FINRA is trying to keep banned registered securities representatives, or brokers, from using a loophole that lets them continue selling financial products to members of the public as authorized insurance agents, The Wall Street Journal reports.  FINRA – the U.S. securities industry’s self-regulatory agency – will “begin providing to state insurance regulators a monthly report of its disciplinary actions against securities brokers,” the newspaper says. For now, FINRA sends the report only to state securities regulators, who don’t always communicate with the insurance watchdogs down the hall.  The Journal says its reporters “recently reviewed securities- and insurance-industry records for 395 brokers who in 2013 were permanently banned by Finra from the securities industry.” From this survey, it found that “at least 13% of the barred brokers still retain their insurance licenses” as of December 1, 2014.


Comments Off on FINRA Wants Barred Brokers Out of Insurance Too

Filed under Securities Law