Updated Friday, April 18, 2014 as of 11:50 AM ET
Practice - Regulatory/Compliance
Can Your Firm Force You To Buy Its Products?
Sunday, December 1, 2013

My broker/dealer requires all reps to buy errors & omissions (E&O) coverage through them at an inflated price. Are they violating the Sherman Antitrust Act? FINRA does not require reps to have E&O coverage. But we have to either pay up or face termination and the loss of our book of business. Is all of this legal?

R.M., Mass.

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