Warren presses FINRA for answers on expungement reformFinancial Planning
April 01, 2019
Sen. Elizabeth Warren is asking some pointed questions about FINRA's evolving protocols for deleting customer dispute information from brokers' records, amplifying a theme of business accountability that is a central element of her presidential campaign.
In a letter to FINRA CEO Robert Cook, Warren highlights the connection between expungements and repeated broker misconduct, citing a recent studythat found that more than two-thirds of expungement requests are approved and identified a correlation between expungement requests and recidivism.
Duane Thompson, AIFA®, senior policy analyst for Fi360, weighs in.