On November 12, 2013 the Financial Industry Regulatory Authority (FINRA) launched its new enhanced version of BrokerCheck, an online tool that allows you to review the background of your investment professional. Work history, registration status, and disciplinary records can all be found using BrokerCheck.
The new version is more user-friendly and provides a broader snapshot of the individual’s record. A graphic timeline illustrates work history and marks disclosure events, such as customer complaints, suspensions, and disciplinary actions. More importantly the snapshot clearly displays the individuals registration and licences, and provides access to detailed reports for broker-dealers and registered representative, aka your broker.
According to FINRA’s press release, “Now investors can search both the BrokerCheck and Investment Adviser Public Disclosure (IAPD) record of any securities professional or firm directly on the FINRA homepage.” The IAPD is the Securities and Exchange Commissions version of BrokerCheck that keeps track of registered investment advisers and exempt reporting advisers.
In addition, FINRA has created a BrokerCheck widget available to third-party websites which will allow investors to access BrokerCheck without having to visit FINRA’s website. According to FINRA website more than 14 million investors used BrokerCheck. The widget will help increase this number as more and more investors become aware of BrokerCheck.
Due diligence is an investors best defense against securities fraud. The improvements to BrokerCheck will make it easier for investors protect themselves from unscrupulous and phony investment professionals.
The foregoing information, which is publicly available, has been provided by The White Law Group. The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.
The firm primarily represents investors in claims against investment advisers and broker-dealers. If you believe you are the victim of an deceitful investment professional and would like to speak with a securities attorney, please contact the The White Law Group at 312-238-9650 free a free consultation.
To learn more on The White Law Group, visit www.WhiteSecuritiesLaw.com.
