Reports of online takeovers of customer’s broker-dealer accounts are growing in number, while some broker-dealers are lagging in their cybersecurity procedures. FINRA just published Regulatory Notice 21-18, “FINRA Shares Practices Firms Use to Protect Customers From Online Account Takeover Attempts.” My firm was out ahead of this regulatory notice, representing clients in arbitrations where theContinue reading “DON’T LET YOUR BROKER-DEALER LEAVE YOU HOLDING THE BAG FOR LOSSES FROM AN ONLINE TAKEOVER OF YOUR ACCOUNT!”
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Why Investors Should Care About the SEC’s and FINRA’s Adoption of the Regulation Best Interest Rule Package and What It Means for Investors
You would think that if you hire a brokerage firm or broker-dealer to advise you on investments and investment strategies, they would always act in your best interest as the Investor hiring them. However, that is not always the case. Sometimes, brokerage firms and broker-dealers advise Investors on various decisions that do not align with the Investors’ goals or are not in their best interest. The SEC and FINRA have been cracking down on this type of self-serving behavior, which often results in losses for Investors, to ensure that brokerage firms and broker-dealers act in the Investors’ best interest.