RIA Central Digests (October 9, 2014) -- Too old and too male is how the Public Investors Arbitration Bar Association (Piaba) described Finra arbitrators in a recent study. The association also chastised Finra for failing to do a study on the diversity of its arbitrators, according to a story at Financial Advisor. Finra disputes Piaba’s claims, however. Read more in the story that follows. Also, assessing the costs for the second phase of a proposed Comprehensive Automated Risk Data System (CARDS) has put Finra chief economist Jonathan Sokobin in the spotlight. InvestmentNews talked with Sokobin about the process of compiling cost-benefit information on the plan. See the story below.
Group Faults Finra Arbitrators As Too Old, Too Male
By Kathy Lynch, Ted Knutson
Source: Financial Advisor
Financial Industry Regulatory Authority arbitrators are too old and too male, the Public Investors Arbitration Bar Association (Piaba) contended Tuesday. Analyzing Finra’s database of 5,375 arbitrator disclosure reports, Piaba found 80 percent of arbitrators are men and the average age is 67. Noting 12 percent of arbitrators are 80 and above, the group said that some of the many seniors were too infirm to perform their duties effectively.