WealthManagement (October 21, 2016) — A 2014 report from the Public Investors Arbitration Bar Association (PIABA) criticized FINRA’s BrokerCheck system for not including information available from many state securities agencies, such as the circumstances behind a broker’s termination, bankruptcy filings, tax liens and test scores. Now, a new PIABA report chides the self-regulatory organization for not fixing the discrepancies, and the lawyers group says FINRA has even made things worse by advertising the “flawed BrokerCheck system.” If FINRA does not act to fix the problems, PIABA says Congress should step in. In a statement in response to the report, FINRA said a Board working group is currently considering a number of the issues raised in PIABA’s report and is developing recommendations to bring to the full Board. “FINRA is committed to investor protection and offers BrokerCheck as a free tool for investors to educate themselves about their brokers and brokerage firms. We are always looking for ways to make enhancements to BrokerCheck.”