Financial Planners: SEC Yes - FINRA No

December 17th, 2010
in News, Background

Financial Planning Magazine:  Three professional financial associations are urging the commission to not delegate the oversight of independent advisors to FINRA. The SEC is in the process of analyzing this issuing as part of the Dodd-Frank Act.

Follow up:

The groups are: the CFP Board, the Financial Planning Association and the National Association of Personal Financial Advisors. In their letter to the SEC, they say they represent a combined 75,000 financial planners in the United States.  “We urge the Commission to determine it can adequately regulate investment advisers without delegating such responsibility to an SRO (self regulating organization), especially the Financial Regulatory Authority [FINRA],” the groups wrote in their letter.

SEC provides regulation of equity markets and has been responsible for enforcing the regulations required by various security market legislation from 1933 to date.  FINRA is an organization formed by the National Association of Security Dealers to provide self-regulation.  Critics have maintained that the SEC has more of an investor protection mandate than FINRA, which ultimately is designed to protect the interests of the broker-dealers.   Read more.....

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