The discord over incomplete information in FINRAs BrokerCheck service is reaching a new level as the SECs Investor Advisory Committee is nearing a vote this month on a proposal to build its own database including disciplinary information about advisors.
Four industry groups including PIABA, Public Citizen, the PIABA foundation and the Securities Arbitration Clinic of the St. John's University School of Law sent a letter this week to the SEC urging the agency to create a simple, and accurate one-stop-shop for consumers that contains a full disclosure of all publicly available background information about brokers and investment advisors.
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