- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
Financial services firms’ offerings of digital investment advice—also known as ‘robo-advisers’—require sound governance and supervision, including effectively overseeing the suitability of recommendations, conflicts of interest, customer risk profiles, and portfolio rebalancing. That’s the warning in a new report released by the Financial Industry Regulatory Authority.
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Charles Schwab disclosed in a regulatory filing it expects to pay $200 million to resolve a Securities and Exchange Commission investigation concerning its robo-advisory business.
Changes may be afoot at the Financial Industry Regulatory Authority as Congress and others ponder whether its duties should expand, compress, or just be folded into the Securities and Exchange Commission. Amid the debates one thing is clear: FINRA is doubling down on its enforcement efforts.
The Financial Industry Regulatory Authority fined a Bank of America subsidiary $90,080 for filing untimely or inaccurate notifications related to security distributions and failing to adopt an adequate supervisory system.
