Engel Law Group,P.C.

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877-463-0488 | 410-449-2928
877-463-0488
| 410-449-2928
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Cracking down on financial industry malpractice

Malpractice in the financial industry is nothing new. As powerful as the investment services sector is, however, pursuing any claim of professional malpractice might seem an overwhelming prospect. Where would one even start?

If you are asking this question, it is time to consult an experienced professional malpractice attorney.

Like most professional fields, investment brokers have a regulating body. It is the Financial Industry Regulatory Authority Inc. It hasn't always received high marks for its work.

As part of its latest effort to deal with potential malpractice by members, FINRA now is ranking them to identify those it believes pose the biggest threat of malfeasance to investors. According to FINRA, the broker rankings are based on several crucial factors such as previous regulatory disclosures, disciplinary actions and employment records. The goal, says FINRA, is to ensure that it is using its resources in the most effective way, rather than wasting precious time and effort examining firms that follow securities law and industry rules.

Another facet of this effort is a specialized unit dedicated to singling out and inspecting brokers considered to be high-risk for possible malpractice. FINRA says the unit has conducted several hundred examinations of high-risk brokers this year alone.

So far, FINRA declines to make the list public, citing confidentiality concerns. That's unfortunate for consumers, but the group says brokers and their firms will know who's on the list when FINRA inspectors show up at their offices.

It might seem impossible for someone as tiny as David to topple a giant like Goliath. This is also true if you are fighting professional malpractice in the financial industry. If you are dealing with malpractice, it is important to have good attorneys in your corner.

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6510 Falls Road
Baltimore, MD 21209

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