Financial Advisor IQ (October 25, 2016) — An association of lawyers representing investors says Finra’s BrokerCheck continues to fail to provide complete and relevant information on advisors in its database, ThinkAdvisor writes. And if it doesn’t fix it, Congress should force it to, according to the group.

BrokerCheck still omits data that’s necessary for investors when selecting a broker, including information that’s provided by several state securities agencies already, according to the Public Investors Arbitration Bar Association, the publication writes.

Information still missing from BrokerCheck profiles includes the circumstances surrounding a broker’s termination, particularly in cases when the broker quits during an investigation, as well as bankruptcy filings, tax liens and exam scores, according to ThinkAdvisor. Furthermore, BrokerCheck’s homepage fails to direct investors to their state securities regulators to get more information, PIABA says, according to the publication. The current version of BrokerCheck is “of limited value” as a result and its promotion is little more than “hype,” according to PIABA President Hugh Berkson, the publication writes.

What’s more, Finra failed to address shortcomings PIABA highlighted in a 2014 report, the group says, according to ThinkAdvisor. In addition, the industry’s self-regulator wasted a significant portion of the $27.4 million it allocated in 2015 to professional and contract services, including a reported $3.5 million TV, print and internet campaign promoting BrokerCheck, because it didn’t do anything to fix it, PIABA says, according to the publication.

The group wants BrokerCheck to include all complaints, settlements and arbitration awards and ensure that all data complies with even the most liberal iterations of state laws regarding public proceedings, ThinkAdvisor writes. In addition, Finra should include in BrokerCheck profiles whether there was actual payment made on arbitration awards and settlements, PIABA says. Furthermore, the group wants BrokerCheck to offer investors statistical information on disciplinary records for comparison purposes, and says that Finra should make the database public to allow for third-party analysis, the publication writes.

Finra says it’s considering PIABA’s concerns and developing recommendations to its board, according to ThinkAdvisor.