Engel Law Group,P.C.

Small enough to know you, Large enough to serve you

Free Initial Consultation
877-463-0488 | 410-449-2928
877-463-0488
| 410-449-2928
German Language Services Available

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.

No Comments

Leave a comment
Comment Information

Contact Engel Law Group P.C., To Discuss Your Case

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Main Office
6510 Falls Road
Baltimore, MD 21209

Toll Free: 877-463-0488
Phone: 410-449-2928
Baltimore Law Office Map

Highland Beach Office
4748 South Ocean Boulevard
Suite 15A
Highland Beach, FL 33487

Toll Free: 877-463-0488
Phone: 410-449-2928
Highland Beach Law Office Map

New York Office
70 Lafayette Street
New York, NY 10013

Toll Free: 877-463-0488
Phone: 410-449-2928
New York Law Office Map

Back to top