Technology Integral as New Finra Suitability Regulations Come Into Force
In May, the Financial Industry Regulatory Authority (Finra) fined Citigroup, Morgan Stanley, UBS, and Wells Fargo between $1.5 million and $2.1 million each for their representatives' insufficient understanding of certain non-traditional exchange-traded funds (ETFs), billions of dollars of which were sold to conservative investors for whom they made little sense, and resulted in significant losses.
This week, new rules are scheduled to take effect making suitability—the background work the
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