Brokers Want To Thwart Finra Plan To Collect Client Data

Dan Jamieson writes:

The brokerage industry is hoping to head off a Financial Industry Regulatory Authority proposal floated late last year that would have the regulator capture and retain a huge amount of client account data for compliance purposes.

Meanwhile, individual investors are complaining that the Finra plan looks like something cooked up by the National Security Administration.

Industry sources say that Finra’s Comprehensive Automated Risk Data System, or “CARDS,” has become one of their top regulatory concerns. They worry about how Finra would use such a massive amount of client account data, how it would be secured, the costs of implementing the system, and why it is even needed.

Read more on Financial Advisor.

About the author: Dissent

Comments are closed.