The Financial Industry Regulatory Authority is ending most of the online testing options instituted during the COVID-19 pandemic, according to a report by AdvisorHub. In April 2020, FINRA announced the adoption of an interim accommodation process to allow candidates to take industry licensing exams online. Candidates were allowed to use their personal or firm-provided, camera-equipped computer to take the qualifications exams, which were proctored by Prometric staff through the camera and other online tools. Recently, FINRA issued a notice saying that it would be ending the interim accomm ..read more

The Financial Industry Regulatory Authority’s plan to allow remote office inspections continues to draw opposition from an organization of attorneys, AdvisorHub reports. The Public Investors Advocate Bar Association spoke out against the proposal in a recent comment letter filed with the Securities and Exchange Commission. The PIABA is an international bar association whose members represent investors in disputes with the securities industry. FINRA has proposed a three-year pilot program that would allow most firms to conduct inspections of branch offices remotely without visiting them onsite ..read more

The Financial Industry Regulatory Authority recently announced that it has fined five brokerages for violations involving Regulation Best Interest and the Customer Relationship Summary known as Form CRS, reports InvestmentNews. The Securities and Exchange Commission adopted Reg B1 to establish a “best interest” standard of conduct under which broker-dealers may not put their financial interests ahead of the interests of a retail customer when making recommendations. Every broker or dealer registered with the SEC is required to file Form CRS, a new customer or client relationship summary provid ..read more