HOLLYWOOD, FLA. – Banks are not actively engaged in overseeing their broker-dealers, and regulators are taking notice.

When banks “pretty much give the keys over to the broker” to let them run the program through their organizations, “that’s not what we want to see,” Stephanie Boccio, a national bank examiner and asset management risk specialist at the Office of the Comptroller of the Currency, warned advisors at BISA’s annual convention. “We want to see active engagement of the bank having oversight.”

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