After coming under pressure from the public and investor arbitration attorneys, FINRA recently announced that it will revise its training standards for its arbitrators to ensure that they are upholding its standards for expungement of advisor complaints from their Central Registration Depository.
The announcement followed an article in the New York Times that was critical of the rate of expungment of advisor records, and came just two days before an unflattering survey was released showing arbitrators granted advisors request for expungement in 90% of the cases in which it was requested during settlement talks with plaintiffs. The survey was conducted and published by the Public Investors Arbitration Bar Association, an industry trade group of attorneys representing investors in arbitration.
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