Updated Tuesday, September 16, 2014 as of 9:33 PM ET

FINRA Fires Back, Defends BrokerCheck

FINRA strongly rejects the most recent criticism leveled against BrokerCheck that the system leaves out key ‘red flag’ information needed by investors.

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Comments (3)
Frankly, I can't believe I'm defending FINRA here, but I'm reasonably certain that if and when the agency wants Mr. Doss' opinion, they'll ask for it. His assertion that the public should determine what is and is not included in BrokerCheck is silly. If the public wants to determine what the site shows, then the public can start (and pay for) its own website and include whatever it wants. Better yet, perhaps we should let Mr. Doss do that.
Posted by Ron E | Monday, March 10 2014 at 10:17AM ET
I have to agree with Ron on this one, The PIABA trolls are looking for any and all reasons to improve their ability to sue Registered persons. FINRA has this correct and while many are critical of FINRA you also need to stand up and back FINRA when they get it right. I disagree with you Ron as to the fact that I don't want Mr. Doss having any information on the industry unless PIABA releases their own intranet of all the information they have on the industry(who settles and for how much, how to sue certain firms, form letters for filing arbitration,key words to add to documents to make people settle.

I still wonder why the media has not called PIABA for what it really is; TORT Lawyers who are out for themselves under the guise of protecting the public. I'm still waiting on the commercials on TV!

Recently a Lawyer dropped a case with 19 clients because there was not enough money in it for him to peruse, and it was a very weak case, but how does that protect investors?

The media should quit wasting space by giving PIABA validity of being some sort of consumer protection group, or at least call them what they are, Tort Lawyers who chase ambulances and extort money from Investment firms.
Posted by Joel B | Monday, March 10 2014 at 1:25PM ET
When FINRA states that "it has the right to withhold information", it is the same as stating they have the right to "lie". Anyone who has wrestled with them for two or more decades over minutia that becomes a heavy and costly cross to bear, knows very well of their fabrication talents.
Posted by Vernon James D | Monday, March 10 2014 at 2:58PM ET
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